Tag: Section 11
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Financial Sector Legislation, Anti-terror Laws, Human Rights and the Indian Constitution
[Posted by Somasekhar Sundaresan] We all now know that the Supreme Court outlawed Section 66-A of the Information Technology Act in a recent order. I wrote about the court’s core findings in a column in the Mirror publications last Friday. I would have been remiss in not writing about the court’s rationale in the very same…
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With great power comes great responsibility: SAT
[Posted by Somasekhar Sundaresan] The abuse of extreme powers in financial regulatory laws has been subject matter of litigation for the past two decades – particularly since the mid-1990s when SEBI started using the (then) newly-introduced Section 11B of the SEBI Act, 1992. The power to “issue such directions as deemed fit” is a sweeping…
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Use Ex Parte Powers Abstemiously
[Posted by Somasekhar Sundaresan] An “ad interim, ex parte” order passed by SEBI, directing companies in the Sahara Group not to raise funds by way of placement of their debentures, led to a debate here over interim reliefs granted by courts, after the Allahabad High Court stayed SEBI’s order. The Supreme Court has now refused…