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The High Court dismissed the petition filed by the Petitioner challenging Clause 7 of the SEBI Circular on the grounds that the Petitioner was abusing the court's extraordinary jurisdiction. The court found that the Petitioner had initially withdrawn its request for arbitration and later sought to revive it, despite lacking funds to comply with the IGRC's directions. The court held that the Petitioner's objective appeared to be to frustrate the claimants' attempts to secure amounts based on the IGRC order. The court declined to address the issue of the constitutionality or reasonableness of the impugned clause, as any decision on this issue at the behest of such a Petitioner might foreclose a serious challenge by a genuine party. The petition was dismissed with costs of Rs. 25,000/- imposed on the Petitioner.
The High Court dismissed the petition filed by the Petitioner challenging Clause 7 of the SEBI Circular on the grounds that the Petitioner was abusing the court's extraordinary jurisdiction. The court found that the Petitioner had initially withdrawn its request for arbitration and later sought to revive it, despite lacking funds to comply with the IGRC's directions. The court held that the Petitioner's objective appeared to be to frustrate the claimants' attempts to secure amounts based on the IGRC order. The court declined to address the issue of the constitutionality or reasonableness of the impugned clause, as any decision on this issue at the behest of such a Petitioner might foreclose a serious challenge by a genuine party. The petition was dismissed with costs of Rs. 25,000/- imposed on the Petitioner.
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