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Supreme Court of India

Securities and Exchange Board of India v. Mega Corporation Limited

Neutral citation
Reported as [2022] 2 S.C.R. 546
Bench L. Nageswara Rao and Pamidighantam Sri Narasimha JJ.
Decided 25 March 2022

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.

3 Supreme Court benches have cited this judgment.

What the Court ordered

For the reasons stated above, while we dismiss Civil Appeal No. 2104 of 2009 against the judgment of the Securities Appellate Tribunal in Appeal No. 60 of 2008 dated 15.10.2008, the general observations of the Tribunal that there is a right of cross-examination is hereby set aside.

Judgment, page 22

From the headnote

Securities and Exchange Board of India Act, 1992 – s s 11, 11B, 19, 15T – SEBI (Prohibition of Fraudulent and Unfa ir Trade Practices Relating to Securities Market) Regulation s, 2003 – Regulations 3(a), (b), (c) &(d) and 4(1), 4(2)k, 4( 2)(r) – Listed Company – Unusual Surge in Profits – In the instant case the listed respondent-company was engaged in the business of r adio taxi service coupled with trading of shares in a small me asure – The company’s share went unusually high from Rs 4.25 to Rs 43.85 and resultantly there was increase in the average month ly volume of shares to 1,56,22,583

Authorities it was built on

Where later benches applied it

Of those, 3 referred to

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