VIDEOCON INTERNATIONAL LTD. versus SECURITIES & EXCHANGE BOARD OF INDIA

VIDEOCON INTERNATIONAL LTD. versus SECURITIES & EXCHANGE BOARD OF INDIA

The appeals filed before the High Court prior to the amendment of Section 15Z of the SEBI Act, 1992 are maintainable because vested substantive appellate rights available at the initiation of proceedings are not affected unless the amendment expressly provides otherwise, and pending proceedings continue under the legal regime prevailing at the initiation of the lis.

Parties
Appellant: Videocon International Ltd.; Respondent: Securities & Exchange Board of India
Jurisdiction
India
Judgment Date
13 January 2015
Procedural Posture
Civil Appeal / Decision on Appeal Against Bombay High Court Order
Outcome
Appeal dismissed
Legal Topics
Appeals, Vested Rights, Retrospective Vs. Prospective Operation of Statutes, Change of Appellate Forum
Securities Law Administrative Law Procedural Law Appeals Vested Rights Retrospective Vs. Prospective Operation of Statutes Change of Appellate Forum

Case Brief

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Parties

Videocon International Ltd.

Appellant

Securities & Exchange Board of India

Respondent

Procedural Posture

Civil Appeal / Decision on Appeal Against Bombay High Court Order

Legal Issues

  1. 1 Whether appeals filed before the High Court under unamended Section 15Z of SEBI Act are maintainable after amendment restricting appeals to Supreme Court only on question of law
  2. 2 Whether appellate rights vested prior to amendment are preserved for pending proceedings
  3. 3 Interpretation of law concerning change of forum and its effect on pending actions

Ratio Decidendi

The appeals filed before the High Court prior to the amendment of Section 15Z of the SEBI Act, 1992 are maintainable because vested substantive appellate rights available at the initiation of proceedings are not affected unless the amendment expressly provides otherwise, and pending proceedings continue under the legal regime prevailing at the initiation of the lis.

Court Disposition

Appeal dismissed

Orders

  • All appeals preferred by SEBI before the High Court are maintainable in law.
  • The instant order governs all cases disposed of by the High Court through the impugned order dated 13.10.2003.