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TMI Blog2015 (4) TMI 1326X X X X Extracts X X X X X X X X Extracts X X X X ..... opriate court. To be precise, whatever materials have been collected by the Investigating Officer could be used by the authority for the purpose of filing a complaint before the competent court. Applicants have been able to make out a strong prima facie case to have an interim order of stay of further proceedings of Sessions Case pending - Special Criminal Application (Quashing) No. 4780 of 2014 - - - Dated:- 27-4-2015 - Mr. Justice J.B. Pardiwala, J. Mr. Jigar G. Gadhavi, Advocate for the Applicant(s) No. 1-3. Mr. NJ Shah, App for the Respondent(S) No. 1. ORAL ORDER Rule returnable forthwith. Mr. Shah, the learned APP waives service of notice of Rule for and on behalf of the respondents. By this writ applicati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... information, and based upon such information, lodged an FIR against the applicants herein for the offence punishable under Section 23(1) of the Securities Contracts (Regulation) Act, 1956 and Section 15H(A) of the Securities and Exchange Board of India Act, 1992. It also appears that on conclusion of the investigation, chargesheet has been filed and the case as on today is pending in the Court of the 3rd Additional Sessions Judge, Mehsana, being sessions triable case. It appears that the applicants herein filed an application for discharge under Section 227 of the Code of Criminal Procedure. However, the same came to be rejected by the learned 3rd Additional Sessions Judge, Mehsana, vide order dated 19th September 2014. It is t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... figuring under Section 26 of the Act means, a complaint in writing before the court as defined under Section 2(d) of the Code of Criminal Procedure. I am conscious of the fact that Section 25 makes the offence under Section 23 of the Act a cognizable offence. Since Section 23 is a cognizable offence, the police would definitely have the power to investigate. To this extent, there is no problem. The police has investigated, chargesheet is filed. Now the stage has come for the court to take cognizance. In my view, the Sessions Court will not be able to take cognizance on the police report in view of the specific bar contained in Section 26 of the Act. The same is the position with Section 26 of the Securities and Exchange Board of India Act, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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