NIRMAL KUMAR SINGH vs THE SECURITIES AND EXCHANGE BOARD OF INDIA

Judgment text excerpt

IN THE HIGH COURT OF DELHI AT NEW DELHI % Judgment delivered on: 06.05.2025 + CRL.M.C. 354/2022 & CRL.M.A. 1597/2022 NIRMAL KUMAR SINGH .....Petitioner versus THE SECURITIES AND EXCHANGE BOARD OF INDIA .....Respondent Advocates who appeared in this case: For the Petitioner : Mr. Sagar Chaturvedi, Ms. Megha Chaturvedi, Mr. Ramaditya Singh Jadon & Ms. Shiwani Anand, Advs. For the Respondent : Mr. Ashish Aggarwal & Ms. Shivangi Shokeen, Advs. CORAM HON’BLE MR JUSTICE AMIT MAHAJAN JUDGMENT 1. The present petition is filed under Section 482 of the Code of Criminal Procedure, 1973 (‘CrPC’) seeking quashing of the complaint, being, CC No.11/2017 (hereafter ‘the subject complaint’) and all consequential proceedings arising therefrom qua the petitioner. Signature Not Verified Signed By:DEEPANSHU Signing Date:12.05.2025 CRL.M.C. 354/2022 Page 1 of 23 18:52:28 2. The petitioner has also challenged the order on charge dated 22.12.2021 in the subject complaint. By the said order, the learned Trial Court held that a prima facie case for commission of offence under Section 24(1) of the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’) is made out against M/s Karmbhoomi Real Estate Limited (hereafter ‘accused company’). It was also found that a prima facie case for commission of offence under Section 24(1) read with Section 27 of the SEBI Act is made out against all the other accused persons, including the petitioner. Consequently, charges were framed for the offence against the accused persons. 3. The brief facts of the case are as follows: 3.1 The subject complaint was filed by the respondent against accused company and its Directors, including the petitioner. It is alleged that the accused persons were responsible for sponsoring, causing to sponsor and for floating/ laun