SC Dismisses Petitions as Moot, Leaves Regulation 29 Open for Future Interpretation; Parties May Seek Remedies Post-HC.

The SC dismissed the Special Leave Petitions, noting that a previous petition had already been dismissed and that SEBI had revoked the settlement order, making the current petition before the HC moot. Despite arguments that certain prayer clauses needed resolution, the SC declined to entertain the petitions at this stage, allowing parties to seek remedies post-HC judgment. The interpretation of Regulation 29 was left open for future consideration. All pending applications were disposed of.

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Issues involved: Dismissal of Special Leave Petition, Revocation of settlement order by SEBI, Survival of prayer clauses, Entertaining the Special Leave Petition, Interpretation of Regulation 29

Upon hearing the counsel, the Supreme Court noted that an earlier Special Leave Petition had been dismissed by the Court. The Solicitor General highlighted that the settlement order giving rise to the proceedings had been revoked by SEBI, rendering the petition before the High Court infructuous. However, the respondent's senior counsel argued that certain prayer clauses of the petition still required determination. The Court acknowledged that the matter was listed before the High Court and, considering the nature of the orders and observations made previously, declined to entertain the Special Leave Petition at that stage. The Court emphasized that parties were free to pursue remedies after the final judgment of the High Court. The issue of interpretation of Regulation 29 was kept open for future consideration if necessary. Consequently, the Special Leave Petitions were dismissed, and any pending applications were disposed of.

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