GULSHAN KUMAR GUPTA vs SECURITIES AND EXCHANGE BOARD OF INDIA THROUGH CHAIRMAN & ANR.

IN THE HIGH COURT OF DELHI AT NEW DELHI Date of Decision : 25.04.2025 W.P.(C) 5363/2025 GULSHAN KUMAR GUPTA .....Petitioner Through: Mr. Amit Ojha and Mr. Prashant Sharma, Advs. versus SECURITIES AND EXCHANGE BOARD OF INDIA THROUGH CHAIRMAN & ANR. .....Respondents Through: Mr. Ashish Aggarwal and Ms. Shivangi Shokeen, Advs. CORAM: HON'BLE MR. JUSTICE SACHIN DATTA SACHIN DATTA, J. (Oral) CM APPL.24422/2025 (Exemption) 1. Allowed, subject to all just exceptions. 2. Application stands disposed of. W.P.(C) 5363/2025 3. The present petition assails a communication dated 09.03.2022 issued by the Deputy General Manager & Recovery Officer, SEBI (respondent no.2) whereby the petitioner has been divested / relieved of his responsibilities as administrator in the recovery proceedings initiated against ‘M/s. En Aromatic & Petro Chemicals Pvt. Ltd.’ under Section 28A of the SEBI Act, 1992 by the Securities and Exchange Board of India (SEBI / respondent no.1). The said communication reads as under: “Mr. Gulshan Kumar Gupta 110082. Sir, Sub: Recovery Proceedings in the matter of En Aromatic & Petro Chemicals Ltd. This has reference to your appointment as Administrator in the captioned matter as p