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IN THE HIGH COURT OF DELHI AT NEW DELHI
ANIL KSHETARPAL, HARISH VAIDYANATHAN SHANKAR, JJ
SECURITIES AND EXCHANGE BOARD OF INDIA – Appellant
Versus
AMIT JAIN – Respondent
| Table of Content |
|---|
| 1. overview of cross appeals and introduction of parties. (Para 1 , 2 , 3 , 4) |
| 2. arguments on the error regarding the show cause notice and formation of opinion. (Para 5 , 6 , 9) |
| 3. court's insights on the necessity of procedural compliance in adjudication. (Para 13 , 21 , 30) |
| 4. final judgments on both appeals. (Para 34 , 35) |
JUDGMENT
HARISH VAIDYANATHAN SHANKAR, J.
1. These two cross Letters Patent Appeals, LPA 412/2018 and LPA 550/2018, filed under Clause 10 of the Letters Patent read with Section 5(1) of the Delhi High Court Act, 1966, assail the Judgment dated 09.07.2018, Impugned Judgment passed by the learned Single Judge in W.P.(C) 8394/2014, titled “Amit Jain v. Securities and Exchange Board of India & Anr.”.
2. By the Impugned Judgment, the learned Single Judge set aside the Show Cause Notice dated 14.11.2013 and the consequential adjudication proceedings on the ground that the appointment of the Adjudicating Officer, AO, in the absence of a recorded opinion under Rule 3 of the Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995, SEBI Adjudication Rules, was without jurisdiction.
3. As
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