Madras High Court
Ritu Devi vs Securities And Exchange Board Of ... on 27 July, 2021
W.A.Nos.2301 and 2302/2012
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED : 27.07.2021
CORAM
THE HONOURABLE MR.JUSTICE T.RAJA
and
THE HONOURABLE MR.JUSTICE V.SIVAGNANAM
W.A.Nos.2301 and 2302/2012 and M.P.No.1/2012 in both
W.As.
Ritu Devi ... Appellant in W.A.No.2301/2012
Champa Devi ... Appellant in W.A.No.2302/2012
-vs-
Securities and Exchange Board of India
rep. by its General Manager,
Mitta Court, 'B' Wing,
First Floor,
224, Nariman Point, Mumbai. ... Respondent in both W.As.
Prayer: Writ appeals filed under Clause 15 of the Letters Patent
against the order dated 22.03.2012 made in W.P.Nos.28703 and
28704/2004 by a learned Single Judge of this Court.
For Appellant : Mr.S.R.Rajagopal,
Senior Counsel
for M/s.S.R.Raghunthan
For respondent : M/s.Sivakumar and Suresh
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W.A.Nos.2301 and 2302/2012
JUDGMENT
(Judgment of the Court was pronounced by T.RAJA.J)
These Writ Appeals have been directed against the Common
Order dated 22.03.2012 made in W.P.Nos.28703 and 28704/2004 etc.
batch by a learned Single Judge of this Court.
2. In all these Writ Appeals, interim order was passed in
M.P.No.1/2012 dated 17.1.2013 directing the authority concerned not
to pass any final orders without any direction or order from this Court.
Subsequently, Vacate Stay Petitions in M.P.No.1/2014 were filed in all
these matters contending that by virtue of the interim order dated
17.1.2013, the appellants are not co-operating with the investigation
and as such, the respondent is not in a position to complete the
investigation. While so, this Court by an order dated 11.08.2014, this
Court clarified the order dated 17.01.2013. In this regard, it is
pertinent to extract the relevant portion here under :
''4. We have considered the rival submissions.
5. Even though the respondent has filed vacate
stay petition, they only request to clarify the order dated
17.1.2013 to the effect that the investigation can go on, as
passing of final orders alone is stayed.
6. As this Court on 17.1.2013 has only directed
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W.A.Nos.2301 and 2302/2012
the concerned authority, namely, SEBI not to pass any final
orders without the directions from this Court, it goes
without saying that SEBI can go ahead with the
investigation. Accordingly, it is clarified that the
investigation can go on with the documents furnished by
the appellants and no final orders shall be passed pending
orders from this Court.
7. As regards the contention of non-availability of
certain documents with the appellants, it is needless to say
that it is open to the appellants to place all those facts
before the SEBI at the time of conducting the
investigation/enquiry or by way of giving explanation to the
communication seeking for documents.
8. With this clarification all the Miscellaneous
Petitions are closed.''
3. However, learned Counsel for the respondent stated that
since the transaction between the appellants and the respondent took
place in the year 1994, the direction given to the respondent Securities
and Exchange Board of India to proceed with the investigation could
not be carried out. Therefore, the present Writ Appeals may be
closed.
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W.A.Nos.2301 and 2302/2012
T.RAJA, J.
and
V.SIVAGNANAM, J.
tsi
4. Recording the said statement of the learned Counsel for
the respondent, both these Writ Appeals are dismissed as infructuous.
No costs. Consequently, connected Miscellaneous Petitions are also
closed.
(T.R.J.,) (V.S.G.J.,)
27.07.2021
tsi
To
The General Manager,
Securities and Exchange Board of India,
Mitta Court, 'B' Wing,
First Floor,
224, Nariman Point, Mumbai.
W.A.Nos.2301 and 2302/2012
https://www.mhc.tn.gov.in/judis/
W.A.Nos.2301 and 2302/2012
27.07.2021
https://www.mhc.tn.gov.in/judis/
