Criminal proceedings upheld despite SEBI consent order; disgorgement and settlement do not bar prosecution under Section 482 CrPC/Article 227

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....HC dismisses petitions seeking quashment of criminal proceedings against anonymized accused arising from IPO-related misconduct, holding that a SEBI consent order and payments of disgorgement/settlement fees do not extinguish or bar prosecution. The court finds allegations disclose prima facie criminality and deliberate intent to obtain unjust enrichment, adversely affecting retail investors and the securities market; such societal and economic offences cannot be neutralized by regulator-set settlements. Exercising jurisdiction under Section 482 CrPC/Article 227 does not warrant quashing where offences implicate public interest and criminal intent. Accordingly, the consent order and monetary restitution to SEBI do not affect or preclude continuation of prosecutions, and the petitions are dismissed.....