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2014 (4) TMI 1213 - HC - Companies LawOppression and mismanagement - violation of the SEBI Act, Take Over Regulations, PFUTP and DIP Guidelines - Held that:- The fact that some of the acts complained of may also violate the SEBI Act or Regulations made thereundere would not prevent the respondent from pursuing the remedies under Sections 397 and 398 of the Act. To hold otherwise would mean that the respondent has to elect whether he can complain against statutory violations under the SEBI Act or initiate proceedings under Sections 397-398 of the Act. The two proceedings as discussed are completely different in their nature and occupy a different and distinct jurisdictional field. Thus unable to accept that the two proceedings are mutually exclusive. Whether the proceedings filed by respondent no. 1 are an abuse of process of law? - Held that:-Apart from the conclusion that the SEBI Act and the statutory regulations and guidelines framed thereunder have not been violated, it is doubtful whether any other observations made by SEBI would preclude respondent no.1 from ventilating his grievance before the CLB. The order dated 25.04.2012 passed by SAT seems to imply that respondent no.1 is at liberty to agitate all his grievances before the CLB. Even if it is assumed that any question raised before the CLB is concluded between the parties in proceedings before SEBI, the same would not prevent respondent no.1 from pursuing its petition before the CLB. It is not necessary for this Court to decide whether any grievance raised by respondent no.1 before the CLB is barred by the principles of issue estoppel and it will be open for the parties to place their contentions with respect to this aspect before the CLB. And, the CLB shall consider the same in accordance with law. The present appeal is dismissed as being devoid of any merit
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