T. Takano vs Securities and Exchange Board of India

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2022 Supreme(SC) 200

D. Y. CHANDRACHUD, SANJIV KHANNA
T. Takano – Appellant
Versus
Securities and Exchange Board of India – Respondent

Advocates appeared:
For the Appellant :Ashim Sood, Shreya Suri, Vaishnavi Rao, Swati Mittal, Rhythm Buaria, Senu Nizar, Armaan Pratap Singh, Ekansh Gupta, Kuberinder Bajaj, Aurica Bhattacharya, Samarth Mohanty, Rajat Singh, Advocates
For the Respondent:Mahfooz Ahsan Nazki, Rajat Singh, Advocates

JUDGMENT

Dr. Dhananjaya Y. Chandrachud, J.

A	Factual Background	3
B	Submissions of Counsel	10
C	Analysis	16
	C.1 Regulatory Framework of PFUTP Regulations	16
	C.2 Duty to Disclose Investigative Material	23
	C.3. Exceptions to the Duty to Disclose	43
D	Conclusion	47

A. Factual Background

1. By a judgment dated 29 September 2020, a Division Bench of the Bombay High Court dismissed the petition instituted by the appellant under Article 226 of the Constitution for challenging a show cause notice which was issued by the first respondent¹["SEBI" or the "Board"] alleging a violation of the provisions of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations 2003² ["PFUTP Regulations"]. A petition seeking a review of the judgment of the Division Bench was disposed of by an order dated 22 October 2020. The appellant moved a Special Leave Petition against the judgment in the writ petition and the order in review. The principal issue is whether an investigation report under Regulation 9 of the PFUTP Regulations must be

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2022 Supreme(SC) 200

D. Y. CHANDRACHUD, SANJIV KHANNAT. Takano – AppellantVersusSecurities and Exchange Board of India – Respondent

D. Y. CHANDRACHUD, SANJIV KHANNA
T. Takano – Appellant
Versus
Securities and Exchange Board of India – Respondent