Independent findings on alleged contraventions required before jurisdiction is decided; order set aside and matter remanded.

The Securities Appellate Tribunal was required to first record its own finding on the alleged contraventions under the Companies Act, 1956, with reference to the show cause notice, before deciding the jurisdictional objection concerning SEBI. Because that independent examination had not been undertaken, the impugned order could not be sustained on the existing record. The order was therefore set aside and the matter remanded to the Tribunal for reconsideration on merits in accordance with law.

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Issues: Whether the Securities Appellate Tribunal was required to record an independent finding on the alleged contraventions before examining the question of SEBI's jurisdiction, and whether the impugned order could be sustained without such finding.

Analysis: The Tribunal was expected to first return its own finding on the alleged contraventions under Sections 69, 73(3A) and 77 of the Companies Act, 1956, with reference to the show cause notice, before addressing the jurisdictional issue. Since that exercise had not been undertaken, the impugned order could not be upheld on the existing record.

Conclusion: The impugned order was set aside and the matter was remanded to the Tribunal for reconsideration on merits in accordance with law.

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