Revenue classification: agricultural land treated as capital asset under s.2(14)(iii)(b); consideration fixed at Rs.1,00,44,000; s.54F exemption allow...
Appeal allowed, exemption under section 11 restored for not-for-profit company under section 12A carrying out charitable activities including micro-fi...
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The HC dismissed the revision petition and upheld the Special Judge's refusal to discharge the anonymized applicant; the court held that regulatory/adjudicatory exoneration did not bar criminal prosecution because the adjudicating order lacked a detailed, clear declaration of innocence and contained adverse findings bearing on the applicant's role as CEO. Applying settled principles, the HC found prima facie material - inspection reports, forensic audit, exchange reports and account records - sufficient to raise strong suspicion of offences under s.24(1) read with s.27(1) of the SEBI Act and to satisfy the limited threshold at the s.227 CrPC stage; therefore charges may be framed and trial shall proceed.
The HC dismissed the revision petition and upheld the Special Judge's refusal to discharge the anonymized applicant; the court held that regulatory/adjudicatory exoneration did not bar criminal prosecution because the adjudicating order lacked a detailed, clear declaration of innocence and contained adverse findings bearing on the applicant's role as CEO. Applying settled principles, the HC found prima facie material - inspection reports, forensic audit, exchange reports and account records - sufficient to raise strong suspicion of offences under s.24(1) read with s.27(1) of the SEBI Act and to satisfy the limited threshold at the s.227 CrPC stage; therefore charges may be framed and trial shall proceed.
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