Supreme Court of India
Securities and Exchange Board of India v. Ram Kishori Gupta & Anr.
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.
What the Court ordered
We are of the opinion that the entire exercise undertaken by SEBI after the passing of the final order dated 31.07.2014, resulting in the disgorgement order dated 28.09.2018, was unsustainable in law.
Judgment, page 21
From the headnote
Issue for Consideration Whether SEBI can pass multiple final orders on the same cause of action; applicability of principles of res judicata/constructive res judicata; whether the Appellate Tribunal was justified in setting aside the 2018 disgorgement order passed by SEBI holding that it was barred by the principle of res judicata in view of its earlier 2014 order. Headnotes† Securities and Exchange Board of India Act, 1992 – ss.11, 11B – Code of Civil Procedure, 1908 – s.11 – Principles of res judicata/constructive res judicata – Applicability of – SEBI issued show cause notices in 2012 to
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