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2021 (10) TMI 818 - HC - SEBISimulatnaous Adjudication proceedings and criminal Prosecution - exoneration in adjudication proceedings is on technical ground and not on merit - Applicants have been exonerated in the adjudication proceedings on the allegations for which, they have been prosecuted by the SEBI - HELD THAT:- In the case of K.C. Builders (2004 (1) TMI 7 - SUPREME COURT)the Hon’ble Apex Court had taken a view that when there is categorical finding in the adjudication proceedings exonerating the person, it is binding and conclusive and thus, the Prosecution cannot be allowed to stand. In case in hand, the Applicants have been exonerated in the adjudication proceedings on merits and not on technical ground, and therefore the Prosecution for identical violation shall continue, if the order passed by Securities Appellate Tribunal is quashed and set aside by the Hon’ble Supreme Court in Civil Appeal, preferred by the SEBI against the decision of Securities Appellate Tribunal, Mumbai. [2008 (10) TMI 628 - SECURITIES APPELLATE TRIBUNAL MUMBAI] Thus, for the reasons stated above, the proceedings in the complaint pending on the file of Additional Chief Metropolitan Magistrate, 9th Court, Bandra, Mumbai, against the Applicants, shall remain stayed till the decision of the Hon’ble Apex Court in the Civil Appeal ’s instituted by the SEBI against the decision of the Securities Appellate Tribunal [2008 (10) TMI 628 - SECURITIES APPELLATE TRIBUNAL MUMBAI]
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