IN THE HIGH COURT AT CALCUTTA CRIMINAL REVISIONAL JURISDICTION APPELLATE SIDE PRESENT:

THE HON’BLE DR. JUSTICE AJOY KUMAR MUKHERJEE CRR 1594 of 2018 With IA No. CRAN 1 of 2025 CRAN 4 of 2025 Ahilya Sharma & Ors.

Vs.

The State of West Bengal & Anr.

For the Petitioners : Mr. Pawan Kumar Gupta Mr. Sreyash Kumar Singh For the State : Mr. Ranabir Roy Chowdhury Mr. Siladitya Banerjee For the SEBI : Mr. Sandipan Ganguly Mr. Sudip Kumar Dutta Mr. Karan Dhudhewala Heard On : 15.01.2026 Judgment on : 27.03.2026 Dr. Ajoy Kumar Mukherjee, J.

1. Petitioners herein have prayed for quashing of the complaint case being C-671 of 2004 under section 24(1)/27 of the Security and Exchange Board of India Act, 1992 (in short, SEBI Act.), Presently pending before the court of learned Chief Judicial Magistrate, Alipore.

2. The instant complaint has been filed on behalf of the securities and exchange Board of India (in short SEBI) to prosecute the petitioners for their alleged deliberate violation of section 11B, 12(1B) of the SEBI Act, 1992 and Regulations 5 (1) Read with Regulations 68(1), 68(2), 73 and 74 of the Securities Board of India (collective investment scheme) Regulations 1999.

3. It is alleged in the c