2021 (8) TMI 1313

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....vocate a/w Mr. Mihir Mody, Mr. Arnav Misra i/b M/s K. Ashar & Co. for respondent. ORDER P.C. 1. Heard learned Counsel for parties. 2. By this petition, under Article 226 of the Constitution of India, petitioner is seeking direction against respondent to produce all documents relied upon by them while issuing SCN including investigation report. 3. During the course of argument, it is....

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....respectfully submitted that, the petitioners had vide their Advocates letter dated 21.08.2020 (Exhibit- B-1) to the Memo of Appeal) sought copies of these documents (reproduced in paragraph 3(iii) supra). a) Admittedly copy of the complaints filed by the Company have been provided to them. b) As regards the Code of Conduct of the Company, as sought by the petitioners, the content....

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....bmitted that, it is not necessary for the respondent to provide copy of the investigation report itself for the following reasons: I. ..... II. ...... III. ...... IV. There is no provision in the SEBI Act or the Regulations or AO Rules which directs the respondent to provide investigation report to the Noticee. The proceedings before SEBI are quasi-judicial in n....

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....eedings or not. Therefore, before the authority makes up its mind, he/she shall either investigate the same itself or direct any subordinates to investigate in the matter. It is only after the authority receives the result of the investigation that it would decide as to whether action is called for or not. Therefore, the investigation report is in the nature of interdepartmental communications bet....