JUDGMENT

T. Raja, J.

1. Having been unsuccessful in the challenge made to the respective impugned orders dated 20.07.2004, 15.08.2004, 16.08.2004, 15.09.2004 passed by the respondent in Reference No.IVD/ID4/KVRR/PS/2004 with the accompanying summons issued under Section 11-C(3), (5) & (6) of the Securities and Exchange Board of India Act, 1992 before the learned single Judge, the appellants/writ petitioners have preferred these writ appeals.

2. According to the respondent, the appellants/writ petitioners were involved in the business of buying, selling or dealing in shares of M/s Sai Televisions Limited during the period between April, 2001 and June, 2002 and by means of the orders impugned in the writ petitions, they were directed to furnish the details/information for such transactions held by them to enable the investigating authority to investigate into the allegations.

3. It is the claim of the appellants that the respondent/Securities and Exchange Board of India (for short, “the Board”) was established in the year 1988 by a Government resolution to promote orderly and healthy growth of the securities market. For the reason that the capital market in India witnessed a tremendous g