Rajesh Gupta v. SEBI
Case brief
What is this about?
The Tribunal dismissed an appeal against an SEBI director's debarment order. It held that a direction under Section 11B is appealable as an order and found the appellant failed to exercise due diligence regarding four fraudulent public issues.
What did the court decide?
The appeal was dismissed and the impugned debarment order was sustained.
What the court decided
A compact analysis
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI
Appeal no.14/2000
In the matter of
Rajesh Gupta Appellant
Vs.
Securities and Exchange Board of India Respondent
Appearance;
Shri V. M. Jindal Advocate
Shri Rajesh Gupta for appellant
Shri J. Ranganayakulu
Division Chief, SEBI for respondent
ORDER
The present appeal is against the Respondent's order dated 06.04.2000 made under Section 11B of the Securities and Exchange Board of India Act, 1992 (the SEBI Act), whereby the Appellant has been debarred "from associating with the capital market related activities, dealings in securities, accessing the capital market and associating with any of the intermediaries in the capital market for a period of five years".
Issues for consideration
3 issues framed by the court
Whether a direction issued by SEBI under Section 11B of the Act constitutes an order appealable under Section 15T.
Whether the Appellant, as a director of the RTA, exercised due diligence and verified the antecedents of issuer companies in public issues.
Whether the dismissal of the appeal was justified based on the Appellant's failure to ensure genuine issues were associated with the RTA.
Parties & counsel
- appellant
Rajesh Gupta
- respondent
Securities and Exchange Board of India
Coram
C. ACHUTHAN
Case details
As recorded by the court registry
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