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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 of freezing demat accounts. (Para 2 , 3 , 4 , 5) |
| 2. non-compliance with sebi regulations. (Para 6 , 10 , 14 , 23) |
| 3. importance of natural justice in administrative actions. (Para 37 , 54 , 59 , 74) |
| 4. discretion to impose penalties requires due process. (Para 67 , 70) |
| 5. freezing of accounts without notice is illegal. (Para 86 , 102) |
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 freezing of the “demat account” of the petitioner by the respondent no. 6 – National Securities Depository Limited (for s
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