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In the case before the Bombay High Court, the petitioner challenged an order dated 18th January 2011 issued by a Whole Time Member of the Securities and Exchange Board of India (SEBI). The court, comprising Hon'ble Mohit S. Shah, C.J. and Ranjit More, J., addressed the petition by referencing a similar case, Writ Petition No. 1900 of 2011, and disposed of the current petition in accordance with the directions from that case.
Key directives from the court included: 1. SEBI is to commence proceedings against the petitioner based on show cause notices dated 14th February 2009 and 19th February 2010, starting the week of 7th May 2012. The court emphasized that these proceedings should not conflict with ongoing criminal trials (CC 1/10, CC 2/10, and CC 3/10) in the Court of XXI ACMM, Hyderabad. 2. During the pending proceedings, the petitioner is prohibited from: - Issuing certificates regarding compliance obligations of listed companies and SEBI-registered intermediaries under relevant securities laws. - Accessing the securities market, specifically in relation to buying, selling, or dealing in the securities of Satyam and its associated companies. - Accessing the securities market, except for disposing of shares in companies other than Satyam Computer Services Limited (SCSL), with a requirement to notify SEBI of such transactions within a week. 3. SEBI is authorized to instruct listed companies and registered intermediaries not to engage the petitioner's services for compliance certification until the proceedings related to the show cause notices are resolved. The court clarified that the order was issued without prejudice to the rights and contentions of the parties involved, leaving all questions open for future consideration.
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