(1.) THE petitioners have approached this Court seeking various reliefs, including quashing of Ext.P2 circular. The main ground of challenge of the order is that the Securities and Exchange Board of India has no power to issue the notification. The respondents have filed a counter affidavit.
(2.) THE learned Standing Counsel for the respondents submitted that the matter is covered by a decision of the Delhi High Court in W.P.(C) No. 10390 of 2009. Therein, the Delhi High Court relied on the decision of Supreme Court in R.K.Garg Vs. Union of India and Ors. : (1981) 4 SCC 675. Paragraphs 8 & 9 of the judgment is extracted below: -