38-REVN-66-2025 (CR).doc S.S.Kilaje IN THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPELLATE JURISDICTION CRIMINAL REVISION APPLICATION NO. 66 OF 2025 Arvind Kumar B Shah ...Applicant VERSUS Securities And Exchange Board Of India & Anr. ...Respondents _________________________________________________________________ Mr. Bhushan J. Joshi a/w. A. Arokia Satheesh, for Applicant. Mr. Rohan Chauhan i/b. Mr. Kushal Mor, Advocate for Respondent No.1 - SEBI. Mr. S. S. Pednekar, APP for Respondent-State. _________________________________________________________________ CORAM : SHIVKUMAR DIGE, J. DATE : 1st SEPTEMBER, 2026. P.C. : 1. Heard learned counsel for the applicant, learned counsel for respondent No.1 and learned APP. 2. Learned counsel for the applicant submits that while deciding the Discharge Application, the learned Sessions Judge has not considered the issue raised by the applicant about non-maintainability of Section 24(1) and 24(2) of the Securities and Exchange Board of India Act, 1992 ( for short “SEBI Act”). As amendment in act was passed in the year 2019 and the impugned order was passed against the applicant in the year 2016- 17, so the applicant cannot be charged retrospectively. But these facts are not considered by the learned Sessions Court and requested to remand the matter. SONALI SATISH KILAJE Digitally signed by SONALI SATISH KILAJE Date: 2026.09.03 10:34:33 +0530 38-REVN-66-2025 (CR).doc S.S.Kilaje 3. Learned counsel for the respondent No.1 submits that learned Sessions Court has passed well reasoned order mentioning all the facts. Hence, requested to reject the application. 4. I have heard both learned counsel. While passing the order, the learned Sessions Judge has not dealt with the preliminary objection raised by the applicant regarding applicability of Section 24(1) and 24(2) of SEBI Act against the applicant. Hence, I find it a fit case to remand the matter for fresh hearing and decide the Discharge Application of the applicant on its own merit after considering the issues raised by the learned counsel for the applicant. In view of above, I pass following order. ORDER i. The Revision Application is partly allowed and disposed of. ii. The impugned order dated 16.11.2024 passed by Special Judge, City Civil and Sessions Court, Greater Mumbai, in Special Case (SEBI) No. 1089 of 2020 rejecting the Discharge Application of the applicant is quashed and set aside. iii. The Discharge Application of the applicant be heard afresh and decided on its own merit. 5. In view of disposal of Revision Application, pending Interim Applications, if any, also disposed of. (SHIVKUMAR DIGE, J.)