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2017 (8) TMI 869 - SC - Companies LawOffences punishable under SEBI - jurisdiction transferred for trial to a Special Court - whether trial would move to the changed forum (to the Court of Session after the 2002 Amendment Act and to the Special Court after the 2014 Amendment Act )? - Held that - It is not reasonable to read anything further into the words highlighted by learned senior counsel. The 2014 Amendment Act expressly provided that for all offences committed even prior to the 2014 Amendment Act proceedings would be conducted only before the Special Court. The provision itself therefore expressly mandated that the change of forum would operate retrospectively and as such pending proceedings would necessarily have to be transferred to the changed forum the Special Court. This is our considered view. For the reasons recorded above we hereby hold that even for such matters where trial had commenced under the unamended provision after the amendments which we have held to be operational retrospectively the trial would move to the changed forum (to the Court of Session after the 2002 Amendment Act and to the Special Court after the 2014 Amendment Act ). We are of the view that the forum for trial earlier vested in the Court of Metropolitan Magistrate (-or Judicial Magistrate of the first class) was retrospectively amended inasmuch as the forum of trial after the 2002 Amendment Act was retrospectively changed to the Court of Session. In this view of the matter the trials even in respect of offences allegedly committed before 29.10.2002 (-the date with effect from which the 2002 Amendment Act became operational) whether in respect whereof trial had or had not been initiated would stand jurisdictionally vested in a Court of Session. And likewise trials of offences under the SEBI Act consequent upon the 2014 Amendment Act (which became operational with effect from 18.07.2013) would stand jurisdictionally transferred for trial to a Special Court irrespective of whether the offence under the SEBI Act was committed before 29.10.2002 and/or before 18.07.2013 (-the date with effect from which the 2014 Amendment Act became operational) and irrespective of the fact whether trial had or had not been initiated. Our above conclusion affirms the determination recorded by the Delhi High Court in Mahender Singh v. High Court of Delhi (2008 (1) TMI 627 - HIGH COURT OF DELHI) but for the reasons recorded hereinabove. The impugned judgment rendered by the High Court of Bombay in M/s. Classic Credit Ltd. v. State of Maharashtra (2008 (1) TMI 608 - HIGH COURT OF BOMBAY) is liable to be set aside and is accordingly hereby set aside.
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