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SECURITIES AND EXCHANGE BOARD OF INDIA
S.J. KATHAWALLA, JJ, MILIND N. JADHAV, JJ
Securities and Exchange Board of India – Appellant
Versus
Rajkumar Nagpal – Respondent
| Table of Content |
|---|
| 1. overview of appeal and pertinent facts (Para 1 , 2) |
| 2. arguments regarding the applicability of the sebi circular (Para 3 , 4 , 5 , 6 , 7 , 8 , 9 , 10 , 11) |
| 3. observations regarding statutory interpretation and retrospective application (Para 12 , 40 , 41 , 42) |
| 4. contention on the interplay between sebi circular and existing dtds (Para 16 , 17 , 19) |
| 5. conclusion on the non-retroactive applicability of sebi circular (Para 46 , 47 , 48) |
| 6. final judgment dismissing the appeal (Para 67) |
INTRODUCTION :
1. This Appeal filed by the Securities & Exchange Board of India (“SEBI”) challenges an order dated 28th October, 2021 read with an order dated 15th November, 20211, both passed by the Ld. Single Judge (“Impugned Orders”)
FACTS
2. Prior to proceeding further, it would be necessary to set-out the following facts:
2.1 On 3rd May, 2017, a Debenture Trust Deed was executed between Reliance Commercial Finance Limited / Respondent No.11 (“RCFL”) as ‘Issuer’ and Vistra ITCL (India) Limited / Respondent No.13 (“Vistra”) as ‘Debenture Trustee’ for the issuance of Non-Convertible Debentures (“NCDs”) in the sum of Rs.2,000 Crores.
2.2 Two further Debenture Trust Deeds were also executed
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