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of <h1>Court Sets Guidelines for Notices, Dismisses SLPs as Moot, Urges High Court to Expedite Pending Cases.</h1> The court addressed three main issues in the case. Firstly, it established procedural directives for issuing notices and filing affidavits to ensure ... Procedural framework for issuing notices and filing affidavits under SEBI Act - We direct that, subject to all just exceptions and office objections, let notice be issued in all the pending applications, including unregistered applications. Notices will be issued by all modes, including dasti. Counter affidavit/reply will be filed within four weeks from the date of service. Rejoinder affidavit, if any, will be filed within four weeks from the date of service of the counter affidavit/reply. Copy of the applications along with the counter affidavit/ reply and rejoinder affidavit, if any, will be served on the learned Amicus Curiae, Mr. Shekhar Naphade, Senior Advocate, the learned counsel for the Securities and Exchange Board of India (SEBI) and the learned counsel appearing on behalf of Sahara Group. The learned Amicus Curiae, Mr. Shekhar Naphade, Senior Advocate, will appoint an Advocate-on-Record, who will act as a nodal advocate and logistic coordinator. The Advocate-on-Record, so appointed, will be paid, out of pocket and miscellaneous expenses as per the bills/invoices raised, and Rs.10,000/- per appearance in the Court. In addition, the learned Advocate-on-Record will be paid Rs.40,000/- (consolidated) as reading and preparation fee. Fee will be paid from the money/funds available with SEBI. Re-list for hearing and arguments on 18th, 19th and 20th April 2023. ISSUES: Whether notice in all pending applications, including unregistered applications, can be issued by all modes, including dasti, to expedite hearing. What is the appropriate timeline for filing counter affidavits/replies and rejoinder affidavits in such pending applications. The role and remuneration of an Advocate-on-Record appointed by the Amicus Curiae in coordinating logistics and filings. Whether special leave petitions rendered infructuous by subsequent orders and developments should be dismissed without prejudice. Whether parties may challenge other orders passed by the High Court in accordance with law despite dismissal of special leave petitions. Whether the High Court should be directed to dispose of pending matters expeditiously. RULINGS / HOLDINGS: The Court directed that 'notice be issued in all the pending applications, including unregistered applications' by all modes, including dasti, to cut short delay and expedite hearing. Counter affidavit/reply shall be filed within four weeks from the date of service, and rejoinder affidavit, if any, shall be filed within four weeks from the date of service of the counter affidavit/reply. The learned Amicus Curiae shall appoint an Advocate-on-Record to act as a nodal advocate and logistic coordinator, who will be remunerated with out-of-pocket expenses, ?10,000/- per appearance, and ?40,000/- consolidated as reading and preparation fee, payable from funds available with SEBI. Special leave petitions which have been rendered infructuous in view of subsequent orders and developments are dismissed as infructuous, 'without prejudice to the other matters pending before this Court.' Parties are permitted to challenge other orders passed by the High Court 'in accordance with law.' The High Court is requested to dispose of the matters 'as expeditiously as possible.' RATIONALE: The Court applied principles of judicial efficiency and procedural fairness to reduce delay by mandating issuance of notices by all modes, including dasti, and fixed strict timelines for pleadings. The appointment of an Advocate-on-Record by the Amicus Curiae with specified remuneration ensures effective coordination and management of the litigation process, funded by SEBI, reflecting the involvement of a regulatory authority in the matter. The dismissal of special leave petitions as infructuous follows the principle that subsequent developments may render certain appeals moot, but the Court preserved parties' rights to pursue other remedies, maintaining procedural safeguards. The directive for expeditious disposal by the High Court reflects the Court's emphasis on timely justice and efficient case management in complex or protracted litigation.
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