Karvy Stock Broking Limited vs Union of India

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2024 Supreme(Telangana) 700

SUREPALLI NANDA
Karvy Stock Broking Limited – Appellant
Versus
Union of India – Respondent

Advocates:
Advocate Appeared:
For the Appellant : TPS Harsha
For the Respondents: Mr.Gadi Praveen Kumar, Mr.V.Aneesh

ORDER :

Heard Mr.TPS Harsha, learned counsel appearing on behalf of the petitioner, Mr.Gadi Praveen Kumar, learned Deputy Solicitor General of India, appearing on behalf of respondent No.1, and Mr.V.Aneesh, learned counsel appearing on behalf of respondent No.3.

2. The Petitioner approached the Court seeking prayer as under :

“…to issue a writ of mandamus or any other appropriate writ, order or direction (i) Declaring the action of Respondent No.3 in classifying the Petitioner’s account as ‘Fraud’, as arbitrary, illegal, unconstitutional, in violation of the principles of natural justice and the mandate laid down by the Hon’ble Supreme Court, and set aside the same; (ii) Consequently, declare all actions taken by the Respondents in pursuance of the action of the Respondent No.3 in classifying the Petitioner’s account as ‘Fraud’ as arbitrary, illegal, unconstitutional, in violation of the principles of natural justice and the mandate laid down by the Hon’ble Supreme Court, and set aside the same;(iii) and pass such other order or orders..”

3. The case of the Petitioner, in brief, as per the averments made in the affidavit filed in support of the present writ petition :

The Petitioner i.