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Sebi Vs Ashok Shah Supreme Court Judgement PDF

The Supreme Court of India disposed of an appeal filed by the Securities and Exchange Board of India (SEBI) against adverse observations made in a lower court's order. The Supreme Court diluted some of the adverse observations made in paragraph 20 of the lower court's order. However, the Supreme Court granted SEBI four months to deal with complaints in accordance with law. The Supreme Court did not make any observations on the remaining merits of the lower court's order since it was disposing of the appeal and the complaints were being sent back to SEBI to adjudicate.

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169 views3 pages

Sebi Vs Ashok Shah Supreme Court Judgement PDF

The Supreme Court of India disposed of an appeal filed by the Securities and Exchange Board of India (SEBI) against adverse observations made in a lower court's order. The Supreme Court diluted some of the adverse observations made in paragraph 20 of the lower court's order. However, the Supreme Court granted SEBI four months to deal with complaints in accordance with law. The Supreme Court did not make any observations on the remaining merits of the lower court's order since it was disposing of the appeal and the complaints were being sent back to SEBI to adjudicate.

Uploaded by

Atul G
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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1

IN THE SUPREME COURT OF INDIA


CIVIL APPELLATE JURISDICTION

CIVIL APPEAL NO. 363 OF 2020

SECURITIES AND EXCHANGE BOARD OF INDIA Appellant(s)

VERSUS

ASHOK DAYABHAI SHAH & ORS. Respondent(s)

O R D E R

Heard the learned senior counsel appearing for

the parties at length.

We are of the opinion that certain observations

made in Paragraph No. 20 of the impugned order were

not called for, such as “the computer generated

disposal of a serious complaint speaks volume on the

conduct of the respondents” as well as the part of

the order relating to “vested interest in not

deciding the matter” were not at all called for.

May be there was some remiss on the part of SEBI

to act as a regulator, but casting aspersion was not

warranted in the facts and circumstances of the

case . As such, the adverse observations made in

Paragraph No. 20 are hereby diluted.

However, as prayed for, time is granted to deal

with the complaints positively and objectively within


Signature Not Verified

four months from today in accordance with law.


Digitally signed by
JAYANT KUMAR ARORA
Date: 2020.01.28
16:34:42 IST
Reason:

In view of the above, the appeal is disposed of.

Since we have not gone into the merits of the case,


2

as the complaints are to be dealt with by the SEBI,

we have not made any observation on the remaining

part of the merits of the order in view of the

limited relief pressed.

.......................J.
[ ARUN MISHRA ]

.......................J.
[ INDIRA BANERJEE ]

New Delhi;
January 27, 2020.
3

ITEM NO.32 COURT NO.3 SECTION XVII

S U P R E M E C O U R T O F I N D I A
RECORD OF PROCEEDINGS

Civil Appeal No(s). 363/2020

SECURITIES AND EXCHANGE BOARD OF INDIA Appellant(s)

VERSUS

ASHOK DAYABHAI SHAH & ORS. Respondent(s)

(FOR ADMISSION and IA No.10006/2020-STAY APPLICATION )

Date : 27-01-2020 This appeal was called on for hearing today.

CORAM : HON'BLE MR. JUSTICE ARUN MISHRA


HON'BLE MS. JUSTICE INDIRA BANERJEE

For Appellant(s) Mr. Chander Uday Singh, Sr. Adv.


Mr. Pratap Venugopal, Adv.
Ms. Surekha Raman, Adv.
Ms. Ayushi Gaur, Adv.
Mr. Akhil Abraham Roy, Adv.
Ms. Viddusshi, Adv.
for M/s. K J John And Co.

For Respondent(s) Mr. C. A. Sundaram, Sr. Adv.


Mr. Maninder Singh, Sr. Adv.
Mr. Pulkit Sukhramani, Adv.
Mr. Raghav Sabharwal, Adv.
Ms. Vidhi Jhawar, Adv.
Mr. Divyam Agarwal, AOR

UPON hearing the counsel the Court made the following


O R D E R

The appeal is disposed of in terms of the signed order.

Pending interlocutory application(s), if any, is/are disposed

of.

(JAYANT KUMAR ARORA) (JAGDISH CHANDER)


COURT MASTER BRANCH OFFICER

(Signed order is placed on the file)

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