ORDER SHEET SHEET NO.
IN THE HIGH COURT AT CALCUTTA
CONSTITUTIONAL WRIT JURISDICTION.
ORIGINAL SIDE
W. P. NO. 997 OF 2005
Petitioner/ Plaintiff/ Appellant : RADHESHYAM TULSIAN AND OTHERS
Versus
Respondent/ Defendant SECURITIES AND EXCHANGE BOARD OF
INDIA AND OTHERS
BEFORE
The Hon’ble Justice DICTATED ORDER
PRANAB KUMAR CHATTOPADHYAY
Date: May 6, 2005.
THE COURT : The petitioners herein have challenged the order passed by the respondent no. 2 on various grounds mentioned in this writ petition.
Mr. Sen, learned Counsel representing the respondent no.1, raised preliminary objection regarding maintainability of the writ petition on the ground that the petitioners herein did not exhaust the remedy available under the Statute, namely in terms of Section 15T of the Securities and Exchange Board of India Act, 1992.
I find merits in the aforesaid submission made by the learned Counsel of the respondent no. 1. In my view, the petitioners herein should exhaust the remedy available under the Statute before approaching the Court.
In the aforesaid circumstances, I dismiss this writ petition only on the ground of non- availing/ non-exhausting the statutory remedy by the petitioners in terms of Section 15T of the Securities and Exchange Board of India Act, 1992.
…..2/-
:: 2 ::
However, liberty is granted to the petitioners to prefer an appeal from the impugned order, passed by the respondent No. 2 before the Tribunal in terms of Section 15T of the Securities and Exchange Board of India Act, 1992, within 3 weeks from date.
Needless to mention, if such appeal is filed on behalf of the petitioners before the Tribunal within the aforesaid extended time in the prescribed form and manner, then the concerned Tribunal will decide the same on merits upon condoning the delay in preferring such appeal.
All parties concerned are to act on a xerox signed copy of this Dictated Order on the usual undertaking.
Sd/-
Pranab Kumar Chattopadhyay