TMI Blog2024 (3) TMI 1143X X X X Extracts X X X X X X X X Extracts X X X X ..... in the interest of justice, the Respondent be directed to give an opportunity of a cross-examination and personal hearing and when an opportunity of a personal hearing before the WTM would be given to the Petitioner, the Petitioner could raise all issues including that of jurisdiction Contention as urged on behalf of the Petitioner is that the impugned show-cause notice is without jurisdiction and the issue of jurisdiction is required to be decided as a preliminary issue before the show-cause notice itself is taken up for adjudication. HELD THAT:- It appears to be not the case that the Petitioner at any point of time including in the proceedings filed before the tribunal had given up his case that the impugned show-cause notice was without ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction setting aside and quashing Show Cause Notice dated 17.05.2023 under the provisions of Sections 11(1), 11(2)(b), 11(4) and 11(B) of the Securities Exchange Board of India Act, 1992 bearing SEBI/MRD/19860/2023 issued by the Deputy General Manager, Securities and Exchange Board of India [ SEBI ] against the Petitioner; and ii. Pass an order staying the proceedings emanating out of Show Cause Notice dated 17.05.2023 under the provisions of Sections 11(1), 11(2)(b), 11(4) and 11(B) of the Securities and Exchange Board of India Act, 1992 bearing SEBI/MRB/19860/6/2023 issued by the General Manager, Securities and Exchange Board of India [ SEBI ] against the Petitioner till the disposal of the present writ; iii. Ad-interim relief in terms of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... till the pendency of the Appeal before the Tribunal. On such Interim Application, an order came to be passed by the Tribunal on 29th January, 2024 whereby the Tribunal, considering the rival contentions, ordered that in the interest of justice, the Respondent be directed to give an opportunity of a cross-examination and personal hearing. The Petitioner was directed to appear before the Whole Time Member on 9th February, 2024, on which date, the Petitioner would be provided an opportunity of cross-examination. It was however also observed that when an opportunity of a personal hearing before the WTM would be given to the Petitioner, the Petitioner could raise all issues including that of jurisdiction. The relevant observations in paragraph ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Not on board. Taken on board. 2. The petitioner is permitted to seek adjournment at the hearing fixed by the Whole Time Member, which is stated to be today as also tomorrow. 3. List the proceedings on 15 February, 2024. 5. On the above backdrop, the proceedings are listed before this Court today. 6. The contention as urged on behalf of the Petitioner is that the impugned show-cause notice is without jurisdiction and the issue of jurisdiction is required to be decided as a preliminary issue before the show-cause notice itself is taken up for adjudication. It is submitted that now the Petitioner after passing of the order dated 8th February, 2024 has already withdrawn the proceedings before the Tribunal and hence the Petitioner intends to c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tioner, we are of the opinion that the present Petition can be disposed of by directing the concerned Officer of the Respondent to decide the issue of jurisdiction being raised by the Petitioner as a preliminary issue and only after such issue is decided, take an appropriate call on the adjudication of the show-cause notice. All contentions of the parties in that regard are expressly kept open. 10. The Petitioner shall be intimated the date on which the Petitioner would be heard on the issue of jurisdiction and appropriate orders in deciding such issue be passed as expeditiously as possible. 11. We clarify that till the issue of jurisdiction is decided, the concerned officer of the Respondent shall not adjudicate the show-cause notice on me ..... X X X X Extracts X X X X X X X X Extracts X X X X
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