Supreme Court of India
Chintalapati Srinivasa Raju v. Securities and Exchange Board of India
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
2 Supreme Court benches have cited this judgment.
What the Court ordered
We are of the view that from the mere fact that the appellant promoted two joint venture companies, one of which ultimately merged with SCSL, and the fact that he was a co-brother of B. Ramalinga Raju, without more, cannot be stated to be foundational facts from which an inference of reasonably being expected to be in the k nowledge of confidential information can be formed.
Judgment, page 33
From the headnote
SEBI (Prohibition of Insider Trading) Regulations, 199 2: Regn 2(e)(i), 2(c) – Insider trading – Satyam scam – Appellant- co-brother of the Chairman of SCSL-Satyam Computer Services Limited, was executive director of SCSL from 1993 t o 2000 and non-executive director from 2000 to 2003 – Appellan t holding 76,50,000 equity shares of SCSL – Letter by former hairman of SCSL, to the stock exchange and SEBI that financial s tatement of the company had been grossly overstated – Show cause notice to appellant that being a promoter and director of SCSL, he was liable as an “insider”, having knowledge
Authorities it was built on
- 2010 National Small Industries Corp. Ltd. v. Harmeet Singh Paintal and Anr.
- 2002 K.G. Premshanker v. Inspector of Police and Anr.
- 2014 Pooja Ravinder Devidasani v. State of Maharashtra&anr.
- 2016 Securities and Exchange Board of India v. Kishore R. Ajmera
- 2011 Radheyshyam Kejriwal v. State of West Bengal and Anr.
- 2005 M/s. Saci Allied Products Ltd., U.P. v. Commissioner of Central Excise, Meerut
- 2016 Videocon Industries Ltd. & Anr. v. State of Maharashtra & Ors.
- 2015 M/s. Spentex Industries Ltd v. Commissioner of Central Excise & Ors.
- 1994 Union of India v. Justice S.S. Sandhawalia (retd.) and Vice Versa
Where later benches applied it
- 2022 Securities and Exchange Board of India v. Abhijit Rajan
- 2022 Balram Garg v. Securities and Exchange Board of India
Of those, 2 referred to
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