JUDGMENT

Dated this the 25^th day of May, 2023

The petitioner is an unlisted public limited company registered with the Reserve Bank of India as a Non-Banking Finance Company (NBFC) and carrying on the business of asset financing. The second respondent is the Securities and Exchange Board of India (SEBI) constituted under the Securities and Exchange Board of India Act, 1992 with the objective of protecting the interest of investors in securities and regulating the securities market.

2. On 18.03.2020, the petitioner was served with Ext.P3 show cause notice issued by the second respondent alleging violation of provisions of the Companies Act, 1956, SEBI (Issue and Listing of Debt Securities) Regulations, 2008 and SEBI (Disclosure and Investor Protection) Guidelines, in the issuance of debentures and bonds during the period 2003 to 2017. Refuting the allegations and asserting that it has not contravened any statutory provision, regulations or guidelines, the petitioner submitted Exts.P4 and P5 replies and requested for a personal hearing. By Ext.P6 letter, the petitioner was informed that personal hearing would be held before the Whole Time Member of the Board. However, the hearing schedu