TaxTMI 
TaxTMI 
2025 (6) TMI 1099
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....ced them to suffer SI for one year each and to pay fine of Rs. 10 lakhs each ID to suffer SI for another three months each. The said convicts felt aggrieved and thus preferred the instant appeal. 2. In course of hearing of the instant appeal learned advocate appearing on behalf of the appellants at the very outset draws attention of this Court to Sections 24 and 27 of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the 'said Act of 1992). It is submitted on behalf of the appellant that before the learned trial court the complainant has miserably failed to prove beyond reasonable doubt that the present appellants at the time of alleged contravention of the provisions of the said Act of 1992 were either in-ch....
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.... can be argued that the settled principle of law for examination of the accused under Section 313 Cr.P.C. has been violated. It is thus submitted that it is a fit case for dismissal of the instant appeal. 4. This Court has meticulously gone through the entire materials as placed before this Court. This Court has also given its anxious consideration over the submissions of the learned advocates for the contending parties. 5. For effective adjudication of the instant appeal the facts leading to the initiation of the trial before learned trial court is required to be dealt with in a nutshell. 6. The respondent before this court filed a complaint case under Section 190 of the Cr.P.C. read with Sections 24 and 27 of the said Act of 1992 stati....
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....e documents have been exhibited on behalf of the complainant. 9. Learned trial court after considering the said evidence both oral and documentary convicted the accused persons in the manner indicated hereinabove. 10. For effective adjudication of the instant appeal, I propose to look to the provision of Sections 24 and 27 of the said Act of 1992 and those are quoted hereinbelow in verbatim: "24. Offences.- (1) Without prejudice to any award of penalty by the Adjudicating Officer or the Board under this Act, if any person contravenes or attempts to contravene or abets the contravention of the provisions of this Act or of any rules or regulations made thereunder, he shall be punishable with imprisonment for a term which may extend to ten....
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....r, secretary or other officer shall also be deemed to be guilty of the contravention and shall be liable to be proceeded against and punished accordingly. Explanation.-For the purposes of this section,- (a) "company" means anybody corporate and includes a firm or other association of individuals; and (b) "director", in relation to a firm, means a partner of the firm." 11. Keeping in mind the aforementioned legislative provisions if I look to the factual aspects of this case it reveals from the evidence of P.W. 1 as recorded by the learned trial court that P.W. 1 testified to the effect that he was the complaint of the said case and he had filed the written complaint against the accused company along with his directors, Piyush Kum....
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....e of justice. 14. In the reported decision of Ashok Kumar Vs. the State of Haryana reported in (2010) 12 SCC 350 the Hon'ble Supreme Court while dealing with the subject of examination of accused persons under Section 313 Cr.P.C. expressed the following view: "It is a settled principles of Law that dual purpose is sought to achieve when the Courts comply with the mandatory requirement of recording the statement of an accused under this provision. Firstly:- Every material piece of evidence which the prosecution proposes to use against the accused should be put to him in clear terms. Secondly:- the accused should have a fair chance to give his explanation in relation to that evidences as well as his own versions with regard to the al....