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Questions and Answers
What is the maximum term of imprisonment for the offences committed by the petitioners before the amendment of the SEBI Act?
The SEBI Act was amended on October 29, 2002.
True
Who represented the petitioner Mahender Singh?
Mr. Abhay K. Das
The statutory body constituted under the SEBI Act, 1992 is known as _____.
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Match the following petitions with their respective petitioners:
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Which court has the jurisdiction to try the offences after the amendment of the SEBI Act?
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When was the hearing reserved for WP (C) No. 141 of 2007?
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Study Notes
Case Summary
- Three petitions are being heard in the High Court of Delhi: WP (C) No. 141 of 2007, WP (C) No. 17777 of 2006 and WP (C) No. 18093 of 2006.
- The petitioners in these petitions are alleged to have committed offences under the SEBI Act, 1992, before 29.10.2002.
- The offenses were initially punishable with a maximum of one year imprisonment and were triable by a Magistrate court.
- On 29.10.2002, the SEBI Act was amended to increase the maximum punishment for these offenses to 10 years imprisonment, making them triable by a Sessions Court.
- The dispute arose over the jurisdiction of the court to hear these pending cases after the amendments were made.
Court's Jurisdiction
- The amendment regarding sentence implementation is considered to have prospective operation and applies only to offenses committed after 29.10.2002.
- However, the court needs to determine whether the amendment impacts the procedural aspect of the case and alters the court’s jurisdiction.
- The issue hinges on whether the pending complaints, filed before the amendment, should now be triable by the Sessions Court.
Court Proceedings
- Following the SEBI Act amendments, the Registrar (Admn./Judl.) of the High Court of Delhi informed the District & Sessions Judge, Delhi, that the Chief Justice and Judges had allocated SEBI cases to the Court of Ms. Asha Menon, Addl. Sessions Judge, Tis Hazari, Delhi.
- The District & Sessions Judge, Delhi, passed orders on 4.12.2004 directing that all pending SEBI cases be transferred to Ms. Asha Menon's court.
- The petitioners filed these petitions challenging the jurisdiction of the Sessions Court to hear their cases, claiming the amendment shouldn't impact the court's jurisdiction.
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Description
This quiz delves into the intricacies of legal jurisdiction as it pertains to cases under the SEBI Act following its 2002 amendment. It explores the implications of the amendment on pending cases and how jurisdiction is determined for offenses committed prior to the change. Test your understanding of these legal concepts.
