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SEBI have no jurisdiction in the matter related to issue of shares by unlisted companies
Case Law Details
- Case Name
- Kunnamkulam Paper Mills Ltd. Vs Securities and Exchange Board of India (Kerala high Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Kerala High Court
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HIGH COURT OF KERALA
Kunnamkulam Paper Mills Ltd.
versus
Securities and Exchange Board of India
W.P. (C) NO. 19192 OF 2003 (I)
Date of Pronouncement – 30.07.2009
JUDGMENT
1. The first petitioner is a public limited company. Petitioners Nos. 2 to 13 are its directors. Challenge in this writ petition is against exhibit P8 order issued by the first respondent, the Securities and Exchange Board of India (SEBI) under section 3(4) read with sections 11 and 11B of the SEBI Act, 1992 and under the provisions of the SEBI (Disclosure and Investor Protection) Guidelines, 2000 (hereinafter called &#...
This 2009 judgement of single bench of Kerala High Court was over turned by its Division bench in December 2012 in favour of SEBI. Division Bench judgement was also upheld by Supreme Court in Feb 2016.