THE HON’BLE SRI JUSTICE GOPALA KRISHNA TAMADA WRIT PETITION No.19131 of 2000 Dated: 05.10.2007 Between: Chandra Mohan Atmakur. .. Petitioner And Regional Director, Securities and Exchange Board of India, D.Monte Building, 3rd Floor, 32 DD Monte Colony, TTK Road, Alwarpet, Chennai and others. .. Respondents THE HON’BLE SRI JUSTICE GOPALA KRISHNA TAMADA WRIT PETITION No.19131 of 2000 ORDER: The petitioner approached this Court and filed this writ petition seeking a writ of Mandamus directing the 1st respondent to forthwith cause an enquiry and investigation into the affairs of the 2nd respondent-Company and intimate appropriate action of prosecution of the respondents 3 to 6 under the Securities and Exchange Board of India Act (for short, ‘the SEBI Act’) and Rules framed thereunder. 2. The case of the petitioner is that he is one of the shareholders of the 2nd respondent Company holding 12,700 shares and 3,200 shares under folio Nos. 07039 and 05376 respectively. He further states that at the time of acquisition, the shares of face value of Rs.10/- per share were taken by him at the rate of Rs.25/- per share inclusive of a premium of Rs.15/- per share, as such, the value of the shares acquired by him was Rs.3,82,500/-. The main grievance of the petitioner is that since his interests are adversely affected by acquisition of shares by R-2 to R-6, which were acquired in contravention of Regulations of the SEBI Act, he lodged a complaint before the 1st respondent against respondents 2 to 6, entailing prosecution. As there was no action by the 1st respondent, the petitioner had sent a detailed reminder on 16.03.2000 requesting the 1st respondent to make necessary enquiry into the matter, as he himself, as a shareholder, is on the precipice of losing his valuable rights, but it was in vain. He further states that the reply sent by the 1st respondent in response to his counsel’s notice, which was issued calling upon to initiate action, clearly establishes the allegation made by him in his complaint against R2 to R6 with regard to their violation of the provisions of the SEBI Act and the guidelines there under. Hence, this writ petition is filed. 3. The first respondent i.e., Regional Director, Securities and Exchange Board of India, filed a detailed counter, wherein at paragraph 10, it is stated by him that the enquiry into the affairs of the 2nd respondent as prayed for by the petitioner was conducted and during the course of enquiry made by him, it was found that there was no merit in the complaint filed by the petitioner and the petitioner was also informed about the same vide his letter dated 21.11.2002. 4. In the light of the said averment made in the counter of the 1st respondent, this Court is of the view that the enquiry into the affairs of the 2nd respondent-Company has already been completed and no direction can be issued as prayed for by the petitioner in this writ petition. 5. Accordingly, this writ petition is dismissed. No order as to costs. ________________________ (GOPALA KRISHNA TAMADA,J) Dt.05.10.2007 v v