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HC held that SEBI possesses unrestricted authority to terminate an Administrator's services. The petitioner, who served as Administrator for over three years from 31.05.2019, was validly relieved through communication dated 09.03.2022 without casting any stigma. The termination communication acknowledged the petitioner's efforts while confirming the non-permanent nature of the administrative appointment. The court directed SEBI to assess and determine the petitioner's remuneration within eight weeks, in accordance with the circular dated 02.04.2019, considering the graded payment mechanism based on asset sale proceeds. The petitioner's request to nullify the termination letter was deemed untenable.
HC held that SEBI possesses unrestricted authority to terminate an Administrator's services. The petitioner, who served as Administrator for over three years from 31.05.2019, was validly relieved through communication dated 09.03.2022 without casting any stigma. The termination communication acknowledged the petitioner's efforts while confirming the non-permanent nature of the administrative appointment. The court directed SEBI to assess and determine the petitioner's remuneration within eight weeks, in accordance with the circular dated 02.04.2019, considering the graded payment mechanism based on asset sale proceeds. The petitioner's request to nullify the termination letter was deemed untenable.
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