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HC directed SEBI, BSE and NSE to compensate Rs. 50 Lakhs for illegal freezing of Demat account
Case Law Details
- Case Name
- Pradeep Mehta Vs Union of India (Bombay High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Bombay High Court
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Pradeep Mehta Vs Union of India (Bombay High Court)
Conclusion: The statutory bodies such as BSE / NSE and SEBI had totally acted contrary to norms on illegal freezing of De-mat account of assessee merely for the reason that at one time assessee happened to be one of the promoters of a company as assessee’s role as the promoter had come to an end after the formation of the company and once the company stood incorporated. Therefore, SEBI/BSE/NSE were directed to jointly pay to assessee cost of Rs.50 lakhs within a period of two weeks.
Held: In the instant case, assessee w...
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