1. The present appeal is directed against the order dated 19-4-2001, made by the Chairman, Securities & Exchange Board of India. The order prohibits the appellant from accessing the capital market for a period of two years and orders to initiate prosecution proceedings under section 24 read with section 27 of the Securities and Exchange Board of India Act, 1992 (‘the Act’) for violation of regulation 4(a) and 4(d) of the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations 1995 (‘the Regulations’), against the appellant, through its directors namely Shri Anil Aggarwal, Shri Tarun Jain and Shri Shashikant.

2. The appellant is a large public limited company engaged in copper and aluminium manufacturing business. The appellant’s shares are listed on Stock Exchanges at Mumbai (BSE), Calcutta, Delhi, Ahmedabad and also traded at the National Stock Exchange (NSE).

3. The respondent is a statutory regulatory body established under section 3 of the Act. It is mandated to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

4. The respon