Disposed

Ms Smita Bhartia and 2 Others v. Securities and Exchange Board of India

Bombay HC6 Aug 2015WP/1405/2015

Case brief

AI extract

What is this about?

This Court disposed of a Writ Petition directed the SEBI to investigate complaints filed against Financial Technologies (India) Limited within a twelve-week time-bound schedule without expressing an opinion on the merits of the case.

What did the court decide?

Direction to SEBI to investigate complaints and decide on merits within a time-bound schedule of twelve weeks.

Ms Smita Bhartia and 2 Others Vs Securities and… — Writ and Judicial Review | Bombay HC (2015)

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( WP 1405 of 2015)

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vat

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION

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WRIT PETITION No. 1405 OF 2015

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Smita Bhartia & Ors. ….Petitioners Vs.

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Securities and Exchange Board of India …..Respondents ***********

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Mr.Gaurav Joshi, Senior Counsel a/w. Mr. Bhushan Shah & Namrata Shah i/b. Mansukhlal Hiralal & Co. for Petitioners Mr. Rushin Kapadia i/b. K. Ashar & Co. for Respondents ***********

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CORAM : V. M. KANADE & B.P COLABAWALLA, J.J.

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DATE : AUGUST 6, 2015

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P.C. :

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The grievance of the Petitioners is that the Respondents have not taken into consideration the complaints filed by them in respect of the affairs of the Financial Technologies (India) Limited (FTIL) and its connected entities and promoters.

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On the other hand, the learned counsel for the SEBI submits that the SEBI has taken cognizance of the complaints filed by the Petitioners and they will investigate the same.

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In view of this, the only relief seeking by the Petitioners is that to direct the SEBI to hear and decide the complaints filed by the Petitioners on merits and in accordance with law and also within a time bound schedule.

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Since this is the only relief claimed by the Petitioners, the writ petition can be conveniently disposed of by directing the SEBI to look into the complaints and, if necessary, to investigate the same and the said process to be completed within a time bound schedule and if possible, within a period of twelve weeks, on merits and in accordance with law.

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With this direction, the writ petition is disposed of. It is clarified that we have not expressed any opinion on merits and only direct the SEBI to decide the case on merits and in accordance with law. The SEBI may consider the request made by the Petitioners for the supply of copy of the Kalyanwala and Mistry Report (K & M Report) to the Petitioners.

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[B.P COLABAWALLA, J.] [ V. M. KANADE, J.]

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Vaishali Tikam

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Ms Smita Bhartia and 2 Others v. Securities and Exchange Board of India

Case brief

What is this about?

What did the court decide?

Ms Smita Bhartia and 2 Others v. Securities and Exchange Board of India

Case brief

What is this about?

What did the court decide?

What the court decided

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