YASHWANT JAIN Vs. S E B I

JUDGEMENT

(1.) THIS petition under section 482 of the Code of Criminal Procedure, 1973 ("crpc") filed by the Petitioner seeks the quashing of the Complaint Case titled securities and Exchange Board of India v. M/s. Glitter Gold Plantations Ltd. and ors. pending in the Court of learned Chief Metropolitan Magistrate ("cmm"), delhi in so far it concerns the petitioner Shri Yashwant Jain who has been shown in the array of accused as "promoter/director".

(2.) THE learned MM issued summons to the accused. Thereafter by an order dated 10th February, 2006 the learned MM passed an order framing notice while rejecting the plea of the accused for discharge. Thereafter the case has progressed to trial and the evidence of the complaint has been closed after cross examination by counsel for the accused. It is stated that the case is now at the stage of evidence of the defence.

(3.) SHRI Yashwant Jain, the petitioner who also happens to be a practising advocate, appears in person. He pleads that there is absolutely no averment in the complaint connecting him with the offences complained of i. e. under Sections 24 (1) and 27 of the Security and Exchange Board of India Act, 1992 ("sebi Act")and therefore the complaint does not satisfy the requirements of the law as explained by the Supreme Court in SMS Pharmaceuticals Limited v. Neeta Bhalla (I) (2005) 8 SCC 89. He further seeks to place reliance on the judgment of the supreme Court in N. K. Wahi v. Shekhar Singh (2007) 4 SCALE 188, and submits that the complaint fails to mention the specific role of each of the accused, and in particular the petitioner, in the commission of the offence.