2013 (11) TMI 1787 - HC - SEBI

Summary

Issues Involved: Challenge to show cause notice u/s 11B of the Securities and Exchange Board of India Act, 1992.

The High Court of Karnataka dismissed the petitions challenging the show cause notice dated 15-2-2011 issued by the third respondent u/s 11B of the Securities and Exchange Board of India Act, 1992. The court noted that the petitioners had not replied to the show cause notice but had directly filed the writ petitions. The court held that the show cause notice was issued to safeguard the interest of investors, and it was within the authority of the third respondent to do so. The petitioners were given the opportunity to reply to the notice within two weeks, and their response would be considered in accordance with the law. Therefore, the petitions were dismissed.