2012 (6) TMI 931

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....r R2 Adv. Smt. Latha Prabhakaran- for R3 SRI. P. Parameswaran Nair, ASG Of India JUDGMENT The petitioners have approached this Court seeking various reliefs, including quashing of Ext. P2 circular. The main ground of challenge of the order is that the Securities and Exchange Board of India has no power to issue the notification. 2. The respondents have filed a counter affidavit. 3. The learned Standing Counsel for the respondents submitted that the matter is covered by a decision of the Delhi High Court in W.P.(C)No.10390 of 2009. Therein, the Delhi High Court relied on the decision of Supreme Court in R.K. Garg Vs. Union of India and Ors. (1981) 4 SCC 675. Paragraphs 8 & 9 of the judgment is extracted below:- 8. The circular is for....

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....al with complex problems which do not admit of solution through any doctrinaire or strait-jacket formula and this is particularly true in case of legislation dealing with economic matters, where, having regard to the nature of the problems required to be dealt with, greater play in the joints has to be allowed to the legislature. The court should feel more inclined to give judicial deference to legislative judgment in the field of economic regulation than in other areas where fundamental human rights are involved. Nowhere has this admonition been more felicitously expressed than in Morey v. Doud where Frankfurter, J. said in his inimitable style: In the utilities, tax and economic regulation cases, there are good reasons for judicial self....