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Issues: Whether the complaint and pending proceedings were liable to be quashed on the ground that the Delhi courts lacked territorial jurisdiction.
Analysis: The challenge was founded on the plea that the company was situated at Lucknow and the alleged acts occurred there. The Court found that the statutory obligations under the SEBI framework required correspondence with the Northern Regional Office at Delhi, filing of the prescribed report at Delhi, and compliance with the winding up and repayment requirements there. It was also noted that the company had an office at Delhi and had dealings with the Delhi office of SEBI. In these circumstances, the cause of action was not confined to Lucknow and the jurisdictional objection was not made out. The proceedings were also at an advanced stage of trial, which weighed against interference in jurisdiction under section 482.
Conclusion: The territorial jurisdiction objection failed and the request to quash the complaint and subsequent proceedings was rejected.
Ratio Decidendi: Where statutory compliance is required to be made with SEBI at its regional office in Delhi and the complaint discloses such Delhi-based acts and omissions, the Delhi court can exercise territorial jurisdiction and quashing under section 482 is not warranted merely because the company's registered office is elsewhere.
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