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AT allowed the appeal against parallel proceedings involving the former MD and CEO of ICICI Bank. The tribunal found potential procedural bias due to the same adjudicating officer handling investigations against both the bank and the appellant. The fundamental principles of fair practice were violated, as the officer was privy to documents from ICICI Bank that could potentially influence the appellant's case. The tribunal directed SEBI to provide the appellant with copies of show cause notices, allow inspection of all bank-related documents, and schedule a fresh hearing, ensuring the appellant's right to a fair defense.
AT allowed the appeal against parallel proceedings involving the former MD and CEO of ICICI Bank. The tribunal found potential procedural bias due to the same adjudicating officer handling investigations against both the bank and the appellant. The fundamental principles of fair practice were violated, as the officer was privy to documents from ICICI Bank that could potentially influence the appellant's case. The tribunal directed SEBI to provide the appellant with copies of show cause notices, allow inspection of all bank-related documents, and schedule a fresh hearing, ensuring the appellant's right to a fair defense.
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