NADIRA PATHERYA, J. - (1.) BY this writ petition the petitioner seeks to quash the order dated 10th September, 2014, the proceedings registered as ECIR No.KLZO/02/2014 and the direction contained in the letter dated 19th September, 2014.
(2.) THE case of the petitioner is that the notice dated 19th June, 2014 issued by the adjudicating authority under the 2002 Act was challenged. By order dated 22nd July, 2014 the writ petition was dismissed. In appeal from the said order the Division Bench passed an order on 28th July, 2014 thereby granting liberty to the appellant to raise all objections including the applicability of the 2002 Act before the concerned authority. The adjudicating authority was also directed to decide the preliminary objection raised regarding applicability of the 2002 Act and the steps taken by the Directorate of Enforcement under Section 17(1) of the 2002 Act before deciding any other issue. The adjudicating authority without considering the objection raised in respect of the applicability of the Act passed an order on 10th September, 2014 which has been challenged in this writ petition.
(3.) A show cause notice was issued to the petitioner for issuance of debentures contrary to the SEBI guidelines. A reply was given thereto. The statement of object and reasons so also preamble and purpose of the 2002 Act renders the Act inapplicable to the petitioner. The purpose of the 2002 Act is to prevent money laundering which is the result of proceeds of crime related to drug transactions.;