https://www.taxtmi.com/caselaws?id=420075 A delegated SEBI circular was held to operate prospectively unless retrospective effect is clearly authorised, so it could not govern defaults and an inter-creditor agreement completed before its commencement. The court also held that the circular could not displace the voting mechanism already set out in the debenture trust deeds, because those deeds governed the convening of meetings and approval of compromise or arrangement on the facts, while the circular was confined to consent for enforcement of security and related inter-creditor arrangements. SEBI's challenge was maintainable as a person aggrieved, but the appeal ultimately failed on the substantive questions. en-us Mon, 21 Mar 2022 00:00:00 +0530 Sat, 26 Mar 2022 09:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420075 A delegated SEBI circular was held to operate prospectively unless retrospective effect is clearly authorised, so it could not govern defaults and an inter-creditor agreement completed before its commencement. The court also held that the circular could not displace the voting mechanism already set out in the debenture trust deeds, because those deeds governed the convening of meetings and approval of compromise or arrangement on the facts, while the circular was confined to consent for enforcement of security and related inter-creditor arrangements. SEBI's challenge was maintainable as a person aggrieved, but the appeal ultimately failed on the substantive questions. Case-Laws SEBI Mon, 21 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420075