( 1 ) THE two petitions raise substantively identical questions and have been heard together at the request of counsel for the parties. Hence, I propose to deal with same by a common order. First about Facts: facts and Preliminary Objections Relating to Special civil Application No. 2224 of 19%

( 2 ) THIS petition has been filed in the circumstances to be stated hereinafter and raises the issue about the authority of Securities and Exchange Board of India (for short, "sebi") to order impounding and/or confiscation of whole or part of consideration of a completed transaction, which in ordinary circumstances concerned party to transaction is entitled to receive and for whom which is an actionable claim, under the existing provisions of law under which SEBI functions. This issue is similar to one raised in special Civil Application No. 5483 of 1996 M/s. D. M. Investment vs. Securities and exchange Board of India and Ors. , which also has been heard along with this petition.

( 3 ) THE petitioner is a company registered under Indian Companies Act, 1956 and is having its registered office at Ahmedabad. As per the case set out in the petition, in pursuance of notice No. B. 20/