2013 (4) TMI 1011 - SC - SEBI

Summary

In the Supreme Court of India case citation 2013 (4) TMI 1011, the bench comprising Hon'ble Justices Chandramauli Kr. Prasad and V. Gopala Gowda addressed the appeal concerning the Securities Appellate Tribunal, Mumbai. The primary issue was the Tribunal's failure to independently assess the contraventions of Sections 69, 73(3A), and 77 of the Companies Act 1956, as highlighted in the show cause notice, before addressing the jurisdictional question of the Securities and Exchange Board of India (SEBI).

The Court set aside the Tribunal's order dated 19.09.2003 in the case of Gold Multifab Ltd. v. Chairman, SEBI, and remanded the matter for reconsideration. The Supreme Court directed that the Tribunal should not be influenced by its previous observations and should decide the matter on its merits, in accordance with the law, within six months from receiving the order. The Registry was instructed to send a copy of the order to the Tribunal immediately. The appeal was disposed of with these directions.