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SECURITIES AND EXCHANGE BOARD OF INDIA
G. S. Kulkarni, Firdosh P. Pooniwalla, JJ
Dr. Pradeep Mehta – Appellant
Versus
Union of India – Respondent
| Table of Content |
|---|
| 1. challenge against freezing demat accounts (Para 1 , 2 , 3 , 4) |
| 2. non-compliance leading to penalties (Para 5 , 8 , 18) |
| 3. argument of procedural infringement by sebi (Para 6 , 10 , 26 , 28) |
| 4. respondents' basis for actions impacting demat accounts (Para 12 , 17 , 20 , 21) |
| 5. court's observations on legality of actions (Para 45 , 54 , 70) |
| 6. final ruling and consequences of illegal actions (Para 84 , 102) |
| 7. conclusion and monetary relief awarded (Para 86 , 104) |
JUDGMENT:
(Per G. S. Kulkarni, J.)
1. These are two petitions filed under Article 226 of the Constitution of India. The reliefs prayed for are quite similar, which pertain to challenging the action of the Bombay Stock Exchange and the National Stock Exchange under the directives of the Securities and Exchange Board of India (SEBI) to freeze the Demat Accounts of the Petitioner. The first Petition No.1590 of 2021 is filed by Dr. Pradeep Mehta and the second Petition (Writ Petition No.2228 of 2021) is filed by his son Neil Pradeep Mehta. We proceed to adjudicate each of these Petition as under. Writ Petition No.1590 of 2021 (Dr. Pradeep Mehta v/s. Union of India).
2. The challenge raised in the petition is to the fr
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