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The HC quashed SEBI's revocation order of a settlement agreement involving entities accused of misrepresenting promoter holdings and violating minimum public shareholding requirements under LODR Regulations. The court held that SEBI's one-line revocation order, passed fourteen months after the original settlement without providing reasons or opportunity of hearing, violated principles of natural justice, specifically audi alteram partem. Despite SEBI's contention that automatic revocation applied under Regulation 28 for non-compliance, the court found the regulator had continued engaging with the petitioners for fourteen months, acknowledging their difficulties in compliance due to interim court orders. The non-speaking, unreasoned revocation order was deemed unsustainable and prejudicial. The matter was remanded to SEBI for reconsideration with mandatory opportunity of hearing and reasoned decision-making.
The HC quashed SEBI's revocation order of a settlement agreement involving entities accused of misrepresenting promoter holdings and violating minimum public shareholding requirements under LODR Regulations. The court held that SEBI's one-line revocation order, passed fourteen months after the original settlement without providing reasons or opportunity of hearing, violated principles of natural justice, specifically audi alteram partem. Despite SEBI's contention that automatic revocation applied under Regulation 28 for non-compliance, the court found the regulator had continued engaging with the petitioners for fourteen months, acknowledging their difficulties in compliance due to interim court orders. The non-speaking, unreasoned revocation order was deemed unsustainable and prejudicial. The matter was remanded to SEBI for reconsideration with mandatory opportunity of hearing and reasoned decision-making.
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