2019 (4) TMI 1090

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...., Advocates for respondent-SEBI ORDER (ORAL) 1. Trial court vide impugned order of 15th November, 2018 rejects petitioner's application under Section 24A of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the 'SEBI Act') while relying upon Supreme Court's decision in JIK Industries Limited and Others Vs. Amarlal V.Jumani And Another (2012) 3 SCC 255. 2. Learn....

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....cially jerking the price of the share of petitioner's company. 4. In rebuttal, learned counsel for petitioner draws the attention of this Court to an order of 19th June, 2001 (Annexure P-3 colly) to point out that all the investors were offered an exit route at Rs.12/- per share which was higher than the public issue price of Rs.10/- and thus, in the ultimate analysis, there was no loss caused to....

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....inal arguments. 6. Compounding at the initial stage has to be encouraged, but not at the final stage. The object of the SEBI Act has to be kept in mind. A stable and orderly functioning of the securities market has to be ensured. It will not be in the interest of justice to discharge the accused at the final stage of the proceedings by allowing the application for compounding without the consent ....