Authorities shall provide opportunity of hearing before arriving at any figure in demand Notice

Golden Trees Plantation Limited Vs SEBI (Gujarat High Court) Conclusion: In present facts of the case, the Hon’ble High Court quashed the recovery Notice issued by SEBI as no opportunity of hearing was provided to the petitioner and no mechanism/ calculation was provided by the recovery officer on the basis of which demand could be sustained. Facts: In present facts of the case, the Demand Notice was issued by SEBI under Rule 2 of the Second Schedule to the Income Tax Act, 1961 read with Section 28A of the Securities and Exchange Board of India Act, 1992, wherein Rs. 1,068,64,56,000/- (Rupee...