A.R. Dahiya vs Securities & Exchange Board Of ...

The Supreme Court upheld the Securities Appellate Tribunal's decision affirming the Securities and Exchange Board of India's order regarding the buy-back obligations under the Assisted Sector Agreement. The Court emphasized that Garg's failure to fulfill the buy-back obligation, as stipulated in Clause 24 of the Agreement, was binding despite his attempt to transfer the obligation to the Appellant. The Court ruled that the buy-back clause was enforceable and Garg could not evade his responsibilities by transferring shares without HSIDC's consent, leading to the dismissal of the appeal.