In Brief
IFB Agro, a listed company, sought to rectify its members register by deleting shares acquired by SICGIL India and related parties, alleging they breached SEBI disclosure norms for substantial shareholdings and insider trading regulations. The Tribunal allowed the petition, ordering a buyback of excess shares. The Supreme Court dismissed the appeal, holding that the Tribunal exceeded its jurisdiction. The Court clarified that rectification under Section 59 of the Companies Act is summary in nature, limited to correcting clear errors, and cannot address disputed factual questions. Violations of SEBI regulations must be exclusively adjudicated by SEBI through its comprehensive statutory procedures, not by courts through company petitions.
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