NCLT- No rectificatory jurisdiction for violation of SEBI regulations: SC

IFB Agro Industries Limited Vs Sicgil India Limited (Supreme Court of India) Recently, the Supreme Court in the landmark case of IFB Agro Industries Limited v. Sicgil India Limited and Ors held that NCLT does not have the power to exercise rectificatory jurisdiction under the section 59 of the Companies Act, 2013 for the matters that arise from the regulations framed by the regulatory bodies like SEBI. Facts of the case. Both Sicgil India Limited and IFB Agro Industries are the listed company. Sicgil India Limited purchased the equity shares of the Agro Industries through open market numerous ...