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Demat accounts held by the petitioner, a practicing gynecologist, were frozen by NSDL at the behest of BSE/NSE under SEBI directives due to alleged non-compliance with SEBI (LODR) Regulations by Shrenuj. The court held that the petitioner's role as a promoter ended after incorporation and board constitution, hence non-submission of financial results and non-compliance could not be attributed to him. The SEBI circular allowing freezing of promoter's demat accounts in other securities to the extent of liability was held contrary to statutory requirements. Freezing securities in companies other than the defaulter company without following principles of natural justice was deemed illegal, arbitrary, and unconstitutional under Articles 14, 21, and 300A. Recovery from demat accounts must adhere to Depositories Act provisions. The impugned action of freezing petitioner's demat account was grossly illegal, and the petitioner was allowed to deal with all shares. SEBI/BSE/NSE were directed to jointly pay Rs. 30 lakhs to the petitioner.
Demat accounts held by the petitioner, a practicing gynecologist, were frozen by NSDL at the behest of BSE/NSE under SEBI directives due to alleged non-compliance with SEBI (LODR) Regulations by Shrenuj. The court held that the petitioner's role as a promoter ended after incorporation and board constitution, hence non-submission of financial results and non-compliance could not be attributed to him. The SEBI circular allowing freezing of promoter's demat accounts in other securities to the extent of liability was held contrary to statutory requirements. Freezing securities in companies other than the defaulter company without following principles of natural justice was deemed illegal, arbitrary, and unconstitutional under Articles 14, 21, and 300A. Recovery from demat accounts must adhere to Depositories Act provisions. The impugned action of freezing petitioner's demat account was grossly illegal, and the petitioner was allowed to deal with all shares. SEBI/BSE/NSE were directed to jointly pay Rs. 30 lakhs to the petitioner.
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