SEBI settlement revocation quashed for violating natural justice principles and lacking reasoned decision-making process

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....The HC quashed SEBI's revocation order of a settlement agreement involving entities accused of misrepresenting promoter holdings and violating minimum public shareholding requirements under LODR Regulations. The court held that SEBI's one-line revocation order, passed fourteen months after the original settlement without providing reasons or opportunity of hearing, violated principles of natural justice, specifically audi alteram partem. Despite SEBI's contention that automatic revocation applied under Regulation 28 for non-compliance, the court found the regulator had continued engaging with the petitioners for fourteen months, acknowledging their difficulties in compliance due to interim court orders. The non-speaking, unreasoned revocati.........