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IN THE HIGH COURT OF DELHI AT NEW DELHI
SUBRAMONIUM PRASAD
IN THE MATTER OF:Sanjay Kumar – Appellant
Versus
Securities And Exchange Board Of India – Respondent
JUDGMENT :
SUBRAMONIUM PRASAD, J.
1. The Petitioner has approached this Court for quashing/setting aside of the Order dated 26.11.2021 passed by the Ld. Additional Sessions Judge, Tiz Hazari, dismissing an application filed by the Petitioner under Section 91 Cr.P.C. The Petitioner had filed the said application seeking directions to the Respondent-Security and Exchange Board of India (hereinafter "SEBI") to place on record all the statements/findings/documents considered by the High Powered Advisory Committee (hereinafter "HPAC") and the panel of Whole Time Members (WTC) while rejecting the request of the Petitioner herein for compounding the offence alleged in the complaint against the Petitioner herein.
2. Shorn of unnecessary details, the facts leading to the filing of the present petition are as under :-
a. On 28.05.2004, a criminal complaint, being Criminal Complaint No.12/2016, was filed by the Responder under Section 200 of the CrPC read with Section 26 of the SEBI Act, 1992 before the learned trial Court against the Petitioner and another accused Mr. Vivek Nagpal under Section 11C(6) read with Section 27 of the SEBI Act, 1992.
b. It is stated that the allegations against the P
A court may compel the SEBI to disclose documents relevant to compounding applications, reinforcing that while SEBI’s views are influential, they do not override judicial discretion in deciding these....
The main legal point established in the judgment is that SEBI's consent is necessary for compounding the offense under Section 24A of the SEBI Act, and the court must obtain the views of SEBI for gui....
(1) Power of compounding must be expressly conferred by Statute which creates offence. (2) Section 147 of N.I. Act does not expressly incorporate permission of Court for compounding, conceivably beca....
The court affirmed that the Special Judge has discretion in compounding offence penalties under the SEBI Act, and can determine interest rates independently of SEBI's recommendations.
(1) Initiation of criminal action in commercial transactions, should take place with a lot of circumspection and Courts ought to act as gate keepers for the same – Initiating frivolous criminal actio....
The SEBI Adjudication process mandates a preliminary opinion for the appointment of an Adjudicating Officer, and failure to record this opinion can vitiate subsequent proceedings.
The main legal point established in the judgment is the entitlement of minority shareholders to documents related to SEBI investigations and show cause notices, and the obligation of SEBI to comply w....
The duty of adequate disclosure and the principles of natural justice must be considered in the context of supplying relied-upon documents to the noticee, as established in previous judgments such as....
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