Securities and Exchange Board of India (SEBI) Vs MPS Greenery Developers Limited and Ors. (Calcutta High Court)
Calcutta High Court held that SEBI cannot be forced to hand over documents to the accused. Accordingly, allowing petition u/s. 91 of the Code of Criminal Procedure as preferred by the accused is not sustainable.
Facts- The revisional application has been preferred against an order dated 09.02.2023 and 30.06.2023 passed by the Judge, 5th Special Court, Kolkata u/s. 11(4)/11B/12 (1B) of the Securities and Exchange Board of India Act, 1992 and Regulation 5(1) read with Regulation 68(1)/68(2)/73/74 of the SEBI (Collective Investment Schemes) Regulations, 1999 and for offences punishable u/s. 24(1)/27 of the Securities and Exchange Board of India Act thereby allowing the petition u/s. 91 of the Code of Criminal Procedure preferred by the accused persons and directing the petitioner to produce and handover documents mentioned in the said petition to the accused persons. Vide the order dated 09.02.2023, application u/s. 91 Cr.P.C. filed by the accused persons was allowed.
Conclusion- Held that in the present case, it is clearly seen that the copies of documents prayed for by the accuseds/opposite parties herein have been annexed to the writ application and under Section 91 Cr. P.C. by the accuseds/ opposite parties themselves. Two of the documents at number 10 and 11 are also available in the public domain. As such the direction passed by the Court dated 09.02.2023 was not necessary.
