TagSection 11B

Financial Sector Legislation, Anti-terror Laws, Human Rights and the Indian Constitution

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 judgement, in refusing to strike down as unconstitutional, a different section of the...

With great power comes great responsibility: SAT

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 and general one.  The use of such powers without even...

Use Ex Parte Powers Abstemiously

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 to stay the stay granted by the Allahabad High Court. Sections 11 and 11B of the SEBI Act, 1992 confer...

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