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Bombay HC: SEBI's First Imprisonment Order Arbitrary!

Published on Mon, Mar 30,2015 | 17:51, Updated at Mon, Mar 30 at 17:51Source : Moneycontrol.com 

The Bombay High Court (“Court”) in the case of Vinod Hingorani (“Petitioner”) v The Securities & Exchange Board of India1 (“SEBI”) has, in very clear terms, expounded upon the powers of arrest and detention of a Recovery Officer of SEBI, under the provisions of the SEBI Act, 1992 (“SEBI Act”) read with the Income Tax Act, 1961 (“IT Act”). The Court has set aside an order passed by a Recovery Officer of SEBI committing an individual defaulter, Mr. Vinod Hingorani, to civil imprisonment for a period of six months or until the dues are paid, for defaulting on payment of monetary penalty imposed on him by SEBI in the past. Read the attached NDA alert for more details.

Attachments : Bombay_High_Court_sets_aside_SEBI_s_first_order_of_imprisonment_as_arbitary_and_illegal.pdf
 
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