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HC determined that initiating an investigation under Section 11-C of SEBI Act requires demonstrable reasonable grounds. The court found insufficient substantive evidence to warrant the investigation, as the appointing authority merely reiterated withdrawn allegations without comprehensive supporting documentation. Internal notings remained unapproved by the Executive Director, and no compelling circumstances justified a suo motu investigation. The order was deemed arbitrary and unreasonable, lacking the requisite legal threshold for initiating regulatory proceedings against the petitioner entity.
HC determined that initiating an investigation under Section 11-C of SEBI Act requires demonstrable reasonable grounds. The court found insufficient substantive evidence to warrant the investigation, as the appointing authority merely reiterated withdrawn allegations without comprehensive supporting documentation. Internal notings remained unapproved by the Executive Director, and no compelling circumstances justified a suo motu investigation. The order was deemed arbitrary and unreasonable, lacking the requisite legal threshold for initiating regulatory proceedings against the petitioner entity.
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