A.R. DAHIYA vs SECURITIES & EXCHANGE BOARD OF INDIA&ORS

The Supreme Court upheld the Securities Appellate Tribunal's decision affirming SEBI's order regarding the buy-back obligations under the Assisted Sector Agreement. The Court emphasized that the obligation to buy back shares under Clause 24 of the Agreement is binding, and the failure to fulfill this obligation by Garg, along with the subsequent transfer of shares to the Appellant, does not absolve him of liability. The Court ruled that the Appellant must comply with the buy-back terms as stipulated, thereby reinforcing the enforceability of contractual obligations in corporate agreements.