The Delhi High Court in a recent case reported in AIR (All India Reporter) 1999 Delhi at page 164 whilst deciding a case under the provisions of Securities and Exchange Board of India Act, 1992 and Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovr) Reguations, 1997 held that one of the functions of the Board established under the SEBI Act was to carry out investigations and to take action against one who violates take over regulations. It also held that the Board has power to pass interim orders at its descretion to effectuate purpose of Act and Regulation. But the discretion of the Board in not issuing interim orders cannot be interfered with by the Court sitting in writ jurisdiction even when serious questions were involved.
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