Securities & Exchange Board of India V/s Ajay Agarwal

Information Type: Judicial Information
Court: Supreme Court
Date of Judgment(s): 2010-02-25
Case No: 1697 OF 2005
Case Type: Appeal (Civil)
Judge Name: K.G. Balakrishnan & G.P. Mathur
Subject: Civil Law
Bench Strength: Double Bench
State of Appellant(s): Delhi
Case Note / Description :

The appellate Tribunal made a manifest error by not appreciating that Section 11-B is procedural in nature. It is a time honoured principle if the law affects matters of procedure, then prima facie it applies to all actions, pending as well as future. See K.Eapan Chako v. The Provident Investment Company (P.) Ltd.,[AIR 1976 SC 2610] wherein Chief Justice A.N. Ray laid down those principles. 2252. Maxwell in his “Interpretation of Statutes” also indicated that no one has a vested right in any course of procedure. A person’s right of either prosecution or defence is conditioned by the manner prescribed for the time being by the law and if by the Act of Parliament, the mode of proceeding is altered, and then no one has any other right than to proceed under the alternate mode. [Maxwell Interpretation of Statutes, 11th Edition, p.216].These principles, enunciated by Maxwell, have been quoted with approval by the Supreme Court in its Constitution Bench judgment in Union of India v. Sukumar Pyne [AIR 1966 SC 1206 at p.1209] .For the reasons discussed above, this Court is constrained to quash the order of the appellate Tribunal and upholds the order of the Chairman of the Board. The appeal is allowed. There will be, however, no orders as to costs.

 
 
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