https://www.taxtmi.com/caselaws?id=762715 Bombay HC dismissed a petition challenging SEBI Circular Clause 7 that prohibits arbitration proceedings once a trading member is disabled or show cause notice is issued. The petitioner, already declared a defaulter, had initially sought arbitration but unconditionally withdrew the request, later attempting to revive it after missing prescribed timelines. The court found the petitioner was abusing discretionary jurisdiction to delay proceedings and frustrate claimants' recovery attempts, noting multiple complaints against the petitioner for large amounts. The petition was dismissed with costs of Rs 25,000. en-us Thu, 28 Nov 2024 00:00:00 +0530 Thu, 05 Dec 2024 21:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762715 Bombay HC dismissed a petition challenging SEBI Circular Clause 7 that prohibits arbitration proceedings once a trading member is disabled or show cause notice is issued. The petitioner, already declared a defaulter, had initially sought arbitration but unconditionally withdrew the request, later attempting to revive it after missing prescribed timelines. The court found the petitioner was abusing discretionary jurisdiction to delay proceedings and frustrate claimants' recovery attempts, noting multiple complaints against the petitioner for large amounts. The petition was dismissed with costs of Rs 25,000. Case-Laws SEBI Thu, 28 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762715