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2011 (3) TMI 1476 - HC - Companies LawSEBI - proceedings initiated by Board, lowest in three-tier machinery, are supposed to travel, it cannot be said that remedy of appeal under section 15T is an alternative to article 226 remedy – Held that:- even if it is alleged that decision or order of Board is without jurisdiction or is vitiated by violation of principles of natural justice, a petition under article 226 should not be entertained for exercising power of judicial review, unless there are exceptional reasons, e.g., absence of a functioning Tribunal. where petitioner-company filed a writ petition against order of SEBI on ground that order passed was without jurisdiction and vitiated by violation of principles of natural justice, petitioner was entitled to appeal against order of Board to Tribunal that has been functioning and is competent to decide all questions including questions of jurisdiction of Board to pass order and violation of principles of natural justice and, therefore, High Court should not exercise power under article 226 of Constitution to review order of Board judicially and writ petition was to be dismissed
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