TaxTMI 
TaxTMI 
2018 (3) TMI 1944
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.... and allow the present petition; (B) be pleased to quash and set aside FIR being IIC. R. No.3245 of 2014 registered with Ellisbridge Police Station, Ahmedabad, as well as Sessions Case No.183 of 2017 pending adjudication before the Hon'ble City Sessions Court, Ahmedabad, qua the petitioners, in the interest of justice; (C) pending hearing, admission and final disposal of this petition, be pleased to stay further proceedings of Sessions Case No.183 of 2017 pending adjudication before the Hon'ble City Sessions Court, Ahmedabad, qua the petitioners, in the interest of justice; (D) to pass any other and further orders as may be deemed, fit and proper in the interest of justice. 3. I take notice of the fact ....
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....ated 27/04/2015 is extracted hereunder:- Rule returnable forthwith. Mr.Shah, the learned APP waives service of notice of Rule for and on behalf of the respondents. By this writ-application under Article 226 of the Constitution of India, the applicants-original accused have prayed for the following reliefs: (A) Your Lordships may be pleased to quash and set aside FIR being C.R. NO.II-68 of 2011 for the offence under Sections 23(1) of the Securities Contract (Regulation) Act, 1956 and under Section 15H(A) of the Securities and Exchange Board of India Act, 1992 and the chargesheet filed thereupon (Annexure-A) and the impugned order dated 19.09.2014 passed by the learned 3rd Additional Sessions Judge at Mahesana in ap....
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....pplication for discharge under Section 227 of the Code of Criminal Procedure. However, the same came to be rejected by the learned 3rd Additional Sessions Judge, Mehsana, vide order dated 19th September 2014. It is this order before me which is the subject matter of challenge. Prima facie, I am of the view that while rejecting the discharge application, the learned Judge appears to have missed the effect of Section 26 of the Act, 1956 and Section 26 of the SEBI Act, 1992. My attention has been drawn to Section 26 of the Securities Contracts (Regulation) Act, 1956, which is with regard to cognizance of offences by courts. Section 26 reads thus : 26. Cognizance of offences by courts.- (1) No court shall take cogniza....
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....ew, the Sessions Court will not be able to take cognizance on the police report in view of the specific bar contained in Section 26 of the Act. The same is the position with Section 26 of the Securities and Exchange Board of India Act, 1992. Section 26 reads thus : 26. Cognizance of offences by courts.- (1) No court shall take cognizance of any offence punishable under this Act or any rules or regulations made thereunder, save on a complaint made by the Board. (2) No court inferior to that of a court of session shall try any offence punishable under this Act. The law in this regard is well-settled. Although the police has the power to investigate the offence alleged against the applicant and chargesheet has been f....