9911796707
TMI Blog2009 (4) TMI 1066X X X X Extracts X X X X X X X X Extracts X X X X ..... on the plaintiff has come up before this Court. 2. Brief facts necessary for the purpose of this order are that, the suit was filed by the plaintiff seeking a declaration to the effect that the transfer of shares in favour of the 2nd defendant by the 1st respondent herein was illegal and also sought for an order of mandatory injunction against the defendants. The said prayer made in the context of the plaintiff alleging in her pleading that her husband during his lifetime wanted some share certificates held by him in the 1st respondent-company to be transferred in favour of his daughter and her husband, but the shares were not transferred. On the other hand, the 2nd defendant before the trial court assured the plaintiff that he will get the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... answering additional issue No.2 in favour of the defendants and in doing so, the trial court did not consider as to whether the relief sought for by the plaintiff was one such matter which could be brought within the purview of Section 15-I of the SEBI Act or without doing such an exercise, straight away the trial court dismissed the suit on a plain reading of Section 15-Y of the SEBI Act and therefore, the impugned order is liable to be set aside. 6. On the other hand, learned counsel Sri Vamsi Krishna for the 1st respondent relied on Section 111-A of the Companies Act, 1956 to contend that the subject matter of the present suit is one that comes within the purview of the Company Law Board and referring to Section 111 of the Companies Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ters of adjudication are concerned, Section 15-I provides the answer and the said Section reads as under: 15-I. Power to adjudicate - (1) For the purpose of adjudging under sections 15-A, 15-B, 15-C, 15-D, 15-E, 15-F, 15-G, 15-H, 15-HA and 15-HB the Board shall appoint any officer not below the rank of a Division Chief to be an adjudicating officer for holding an inquiry in the prescribed manner after giving any person concerned a reasonable opportunity of being heard for the purpose of imposing any penalty. (2) While holding an inquiry the adjudicating officer shall have power to summon and enforce the attendance of any person acquainted with the facts and circumstances of the case to give evidence or to produce any document which, in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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