2022 (5) TMI 1613

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....d Mr. Ashok Kr. Jain, Advocates for R-1. Mr. Gyanendra Kumar, Ms. Shikha Tandon and Mr. Zaid Drabu, Advs. for R-3, 5 & 8. Mr. Harish Pandey, Adv. for R-7. ORDER CM APPLs. 24586/2022 (on behalf of R-2), 25723/2022 (on behalf of R-3), 25753/2022 (on behalf of R-5), 25821/2022 (on behalf of R-7) and 25724/2022 (on behalf of R-8) - (applications filed seeking clarification qua power of SEBI to con....

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....[hereinafter "SCNs"] to the Applicants and certain other entities for alleged violations of certain norms and regulations issued by SEBI in relation to minimum public shareholding, disclosures of shareholding details, etc. 3. The Applicants filed settlement applications with SEBI in respect of the afore-said SCNs. The settlements are currently pending before the Settlement Division of SEBI. The A....

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.... 5. The Court has heard the counsel for the parties. 6. Mr. Deepak Jain, counsel for the Petitioners opposes the applications and argues that SEBI (Settlement Proceedings) Regulations, 2018 prohibit filing of settlement applications in respect of matters pending that are pending trial before any court. 7. On the perusal of previous orders, no directions are found which restrain SEBI from consid....