- (1.) The petitioner in this application has prayed for the following relief:- "a) Declaration that Section 11B of the Securities Exchange Board of India. Act, 1992 introduced by the Securities Laws Amendment Act, 1995 is ultra vires the Constitution of India and the Companies Act, 1956 and is void in so far as it seeks to empower the Securities and Exchange Board of India to impose penalties on companies and bodies corporate to increase their capital by further issue of shares; b) A writ of and/or order and/or direction in the nature of Mandamus commanding and directing the respondents to withdraw, recall, rescind and cancel the said order dated February 11, 1997 and to forbear and refrain from giving any effect or further effect thereto in any manner whatsoever;c) A writ of and/or order and/or direction in the nature of Certiorari calling upon the respondents to certify and forthwith send to this Hon'ble Court its entire records culminating in the order dated February 11, 1997 so that the same be quashed and conscionable justice done;d) A writ of and/or order and/or direction in the nature of Prohibition prohibiting and restraining the respondents from giving any effect or further effect to the said order dated February 11, 1997 in any manner whatsoever."
(2.) It tray be stated that prayer (a) of the writ petition has not been pressed.
(3.) The petitioner No. 1 which is an existing company made a right issue of fully convertible debenture, the underwriter whereof was one Smifs Capital (hereinafter referred to as "Smifs") Hong Kong and Shanghai Banking Corporation Limited was the lead manager therefor. The said issue was opened on 11th September, 1996 and closed on 11th October, 1996.;