Jayanta Kumar Biswas, J. - (1.) The petitioner in this writ petition is aggrieved by the notice issued by the General Manager, Securities and Exchange Board of India, dated 26 August 2004.
(2.) By the notice he was asked to show cause why proceedings should not be initiated against him under the Securities and Exchange Board of India Act, 1992, Section 11B, read with the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 1995, Regulation 12, and the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003, Regulation 11, for the role he played in the process of irregular allotment of preferential shares by Padmini Technologies Ltd. in the year 1999.
(3.) Section 30 of the Securities and Exchange Board of India Act, 1992 empowered the Board [Securities and Exchange Board of India (SEB1)] to make regulations for carrying out the purposes of the Act. In exercise of such power, it first made the 1995 Regulations, which were repealed by the 2003 Regulations (now in force), providing by their Regulation 13 that notwithstanding the repeal, violations of provisions of the repealed Regulations shall be investigated and proceeded against, and any investigation pending, at the date of their commencement, shall be continued and disposed of, according to the procedure laid down in them.;