https://www.taxtmi.com/caselaws?id=460753 The Tribunal concluded that SEBI exceeded its jurisdiction by attempting to enforce provisions of the Companies Act through Section 11B of the SEBI Act. It was determined that SEBI's order directing the appellant company to offer an exit option to shareholders was invalid, as the Companies Act already provides remedies for such issues. Additionally, the Tribunal found that SEBI's proceedings did not violate Section 22 of SICA and that the appellant's status as a sick company under BIFR did not shield it from SEBI's jurisdiction. Consequently, the appeal was allowed, and SEBI's order was set aside for lack of jurisdiction. en-us Fri, 19 Sep 2003 00:00:00 +0530 Sat, 15 Feb 2025 12:27:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460753 The Tribunal concluded that SEBI exceeded its jurisdiction by attempting to enforce provisions of the Companies Act through Section 11B of the SEBI Act. It was determined that SEBI's order directing the appellant company to offer an exit option to shareholders was invalid, as the Companies Act already provides remedies for such issues. Additionally, the Tribunal found that SEBI's proceedings did not violate Section 22 of SICA and that the appellant's status as a sick company under BIFR did not shield it from SEBI's jurisdiction. Consequently, the appeal was allowed, and SEBI's order was set aside for lack of jurisdiction. Case-Laws SEBI Fri, 19 Sep 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460753