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Priyanka Desai

Senior Associate in Dispute Resolution Practice at the Mumbai office of Cyril Amarchand Mangaldas. Priyanka can be reached at priyanka.desai@cyrilshroff.com

Is SEBI obligated to provide only the documents it relies upon?

Summary: This blog analyses the duty of the Securities and Exchange Board of India (“SEBI”) to disclose documents during regulatory proceedings. It traces the judicial evolution of SEBI’s disclosure obligations and discusses contrasting judicial views on the extent and limits of such obligation.

The Securities and Exchange Board of India (“SEBI”), as a regulator and a quasi-judicial body, is dutybound to act fairly and adhere to the principles of natural justice while conducting proceedings against parties. One such duty is to grant noticees access to the material that form the basis of the findings/ allegations made against them in the show cause notice.Continue Reading Is SEBI obligated to provide only the documents it relies upon?

Can damages be awarded based on a guess?

A division bench of the Delhi High Court in Cobra Instalaciones Y Servicios, S.A. & Shyam Indus Power Solution Pvt Ltd. v. Haryana Vidyut Prasaran Nigam Ltd. (“HVPNL”)[1] (“Cobra Case”)upheld the quantification of damages by an arbitrator through “honest guesswork” or a “rough and ready method” since it was difficult to quantify the precise amount of loss suffered by the party.

In this blog, we examine the rough and ready approach under Indian law for quantifying damages.Continue Reading Can damages be awarded based on a guess?