2021 (1) TMI 1174

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....ent : BY SHRI. NITIN PRASAD, ADVOCATE ORDER Heard Shri. Dhyan Chinanppa, learned Senior Advocate for petitioner and Shri. Nitin Prasad, learned Advocate for respondent. 2. Briefly stated the facts of the case are, petitioner was a whole time Director of M/s. Cranes Software International Ltd. The said Company did not disburse dividends for the year 2008-2009. Shareholders filed complaints wit....

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....es. 5. Shri. Dhyan Chinnappa, learned Senior Advocate urged following grounds in support of this petition:  there is inordinate delay of more than five years in issuing the show-cause notice dated October 20, 2016;  SEBI did not act on the show-cause notice immediately and has called upon the petitioner to attend a hearing after a lapse of three years from the date of the show-ca....

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..... Placing reliance on Special Director and another Vs. Mohd. Ghulam Ghouse and another (2004)3 SCC 440, he submitted that High Court should not entertain writ petitions questioning the legality of show-cause notices. On the point of delay, he relied upon Collector of Central Excise, New Delhi Vs. Bhagsons Paint Industry (India) 2003(iii)ECR530(SC) and submitted that in the absence of any statutory....

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....s. 9. Shri. Nithin Prasad is right in his submission that in normal circumstances, this Court ought not to and does not interfere with show-cause notice. In the case on hand, complaints with regard to non-payment of dividends were registered between 2010 and 2012. Annexure-D is the screen shot of the case status. It shows that SEBI has closed the complaints between 2013 and 2014. The show-cause n....