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TMI Blog2020 (1) TMI 1201X X X X Extracts X X X X X X X X Extracts X X X X ..... urpose is to delay the adjudication of the show-cause notice. It is not as if the petitioners cannot appear before SEBI without prejudice to their rights and contentions and complaint that they were not provided full, free and unhindered inspection of the relevant records and documents. The petitioners can participate in the hearing or adjudication of the show-cause notice without prejudice to all their rights and contentions including on the above point. They can very well substantiate their primary contention that on the face of it, the show-cause notice is time barred. We do not think that we should interfere with the showcause notice as that relief could have been claimed but advisedly not claimed earlier. It may be that the Writ Pet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Petitioners Mr.J.J. Bhatt, Senior Advocate with Mr.Mihir Mody and Mr.Arnav Misra i/b K.Ashar Co. for Respondent No.1 - SEBI ORDER P.C.: 1. By this petition under Article 226 of the Constitution of India, the petitioners seek the following reliefs: (a) that this Hon ble Court be pleased to issue a writ of certiorari and/or mandamus and/or prohibition, or any writ, order or direction analogous thereto, calling for the records and proceedings pertaining to the Impugned Notice dated 31 August 2018 issued by Respondent No.1 and after examining the validity, legality and propriety thereof, quash and/or set aside the same and declare it non est, void and unenforceable; (b) that this Hon ble Court be pleased to issu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... how-cause notice dated 13.8.2018 issued by respondent No.1. 4. The allegation is that it is issued 10 years after the alleged trading activity in violation of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992. 5. Exhibit A to the petition is a copy of the show-cause notice and that says that the Securities and Exchange Board of India (SEBI), the respondent No.1 before us, has received certain complaints from New Delhi Television Limited, referred to hereinafter as NDTV , on 16.7.2013, 27.12.2013 and 9.1.2014 inter alia alleging that Sanjay Dutt and certain entities referred in paragraph 1 of the notice were involved in dealing with securities of NDTV in violation of the aforenoted regulatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the words, unpublished price sensitive information. The petitioners say that on receipt of this notice, correspondence was initiated so as to seek inspection of all documents, records, internal file notings, relevant to or supporting or adverse. The petitioners do not deny that the authorised legal representatives of the petitioners took inspection of the documents provided by respondent No.1 but complain that the petitioners were not provided inspection of the investigation report, internal file notings or orders. The petitioners did file a reply to the show-cause notice on 31.7.2019 and inter alia urged that the notice was hopelessly time barred. There was a hearing on this show-cause notice scheduled on 26.9.2019 and the petitioners do ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uch material while complying with the order. List on 27th November, 2018. A copy of the order be given dasti under the signatures of the Court Master. 8. This Writ Petition says that despite the High Court of Delhi observing as above, the show-cause notice will proceed without the inspection of all materials being provided to the petitioners. 9. We do not think that we should allow the petition to be prosecuted as its obvious purpose is to delay the adjudication of the show-cause notice. It is not as if the petitioners cannot appear before SEBI without prejudice to their rights and contentions and complaint that they were not provided full, free and unhindered inspection of the relevant records and documents. The petitioners ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tioners can participate in the adjudication or the hearing and in the event any adverse order is passed, while challenging the same, the petitioners can highlight all the grievances and grounds projected in the petition before the High Court of Delhi and this High Court. They can very well complain that no inspection of the records or documents, which have been relied upon to render an adverse finding, was provided and, therefore, there is a gross violation of the principles of natural justice and the adjudication is unfair, arbitrary and discriminatory. Once all such courses are open and can be taken recourse to, all the more, we are disinclined to entertain this Writ Petition. 11. It is accordingly dismissed. No costs. - - TaxTMI - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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