Attachment and proclamation of sale of immovable property: limitation treated from financial year end; proclamation held within period, petition dismi...
Second Schedule attachment and validity of a post-notice mortgage: TRO cannot declare mortgage void ab initio; sale and appropriation allowed thereaft...
Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Disclosure obligations in SEBI-initiated prosecution and allied proceedings were examined in light of the right to a fair trial under Article 21 and the duty of fairness/natural justice. It was held that disclosure is not confined to documents formally relied upon, but extends to material necessary or desirable for the accused/noticee to prepare an effective defence and to contest even the existence of a prima facie case. The Investigation Report prepared under the relevant regulations was held to be the basis for forming the regulator's opinion and initiating further action, and therefore cannot be withheld as a mere internal document, subject only to redaction of third-party or confidential market information. The Investigation Report was directed to be furnished, and the petition was allowed. - HC
Disclosure obligations in SEBI-initiated prosecution and allied proceedings were examined in light of the right to a fair trial under Article 21 and the duty of fairness/natural justice. It was held that disclosure is not confined to documents formally relied upon, but extends to material necessary or desirable for the accused/noticee to prepare an effective defence and to contest even the existence of a prima facie case. The Investigation Report prepared under the relevant regulations was held to be the basis for forming the regulator's opinion and initiating further action, and therefore cannot be withheld as a mere internal document, subject only to redaction of third-party or confidential market information. The Investigation Report was directed to be furnished, and the petition was allowed. - HC
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