Balsaaheb Keshawrao Bhapkar vs Securities And Exchange Board Of India

The Supreme Court, while exercising its jurisdiction under Article 32 of the Constitution, addressed the petition filed by the founders of Sai Prasad Properties Ltd. seeking directions for the liquidation of attached assets and distribution to genuine investors. The Court noted the violations of Section 11AA of the SEBI Act, 1992 by the petitioners' companies, which had been restrained from collecting funds and alienating assets by SEBI orders. The Court held that the petitioners must comply with SEBI's directives and that the liquidation process should be expedited to protect the interests of genuine investors.