https://www.taxtmi.com/caselaws?id=757578 Bombay HC held that freezing of a practicing gynaecologist's demat accounts by NSDL under SEBI directives for alleged defaults by company Shrenuj was illegal and arbitrary. Court found petitioner's role as promoter ended after company incorporation, making him not liable for SEBI compliance failures. The freezing violated statutory provisions and natural justice principles as no prior notice was given. SEBI circular cannot override statutory requirements or constitutional provisions under Articles 14, 21, and 300A. Court ordered unfreezing of all shares and directed SEBI/BSE/NSE to jointly pay Rs.30 lakhs costs within two weeks. en-us Mon, 26 Aug 2024 00:00:00 +0530 Wed, 28 Aug 2024 09:54:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757578 Bombay HC held that freezing of a practicing gynaecologist's demat accounts by NSDL under SEBI directives for alleged defaults by company Shrenuj was illegal and arbitrary. Court found petitioner's role as promoter ended after company incorporation, making him not liable for SEBI compliance failures. The freezing violated statutory provisions and natural justice principles as no prior notice was given. SEBI circular cannot override statutory requirements or constitutional provisions under Articles 14, 21, and 300A. Court ordered unfreezing of all shares and directed SEBI/BSE/NSE to jointly pay Rs.30 lakhs costs within two weeks. Case-Laws SEBI Mon, 26 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757578