Jurisdictional transfer to Special Court barred the Company Law Board from continuing securities-related proceedings involving a notified person.

Proceedings before the Company Law Board concerning securities transactions of a notified person were held to fall within the statutory transfer scheme under the Special Court (Trial of Offences Relating to Transactions in Securities) Amendment Ordinance, 1994. Because the matter was pending in the Board's original jurisdiction and not within the appellate mechanism relied on, the jurisdictional bar applied and no court other than the Special Court could continue the case. The Board therefore lacked jurisdiction to proceed, and the matter stood transferred to the Special Court.

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Issues: Whether the proceedings before the Company Law Board stood transferred to the Special Court under the Special Court (Trial of Offences Relating to Transactions in Securities) Amendment Ordinance, 1994, and whether the Company Law Board retained jurisdiction to proceed with the petition.

Analysis: The proceedings concerned securities transactions involving a notified person. The Ordinance provided that matters of that nature pending before any court stood transferred to the Special Court on its commencement, and that no court other than the Special Court could exercise jurisdiction in relation to such matters. The argument that the matter was part of appeal proceedings was rejected, as the proceedings before the Company Law Board were in its original jurisdiction and did not fall within the appellate reference mechanism relied upon. In view of the statutory transfer and the jurisdictional bar, the Company Law Board could not continue with the case.

Conclusion: The Company Law Board had no jurisdiction to proceed, and the matter stood transferred to the Special Court.

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