Bench:
Justice J.S Khehar and Justice M. Yusuf Iqbal
Issue:
What are the principles governing the right to appeal in regards to the
amendment in procedural law?
Facts:
-
SEBI filed an appeal in the High Court against the orders passed by Securities Appellate Tribunal. The issue before the HC was to determine whether the amended Section 15Z of SEBI Act is going to operate prospectively or retrospectively.
-
The issue was also the maintainability of the appeal in HC after the said amendment.
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The HC held that the petitions filed before the amendment can be appealed in HC & petitions after the amendment cannot be appealed in HC.
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Aggrieved by the decision, the appellant filed the present appeal in SC.
Appellant's contentions:
·
It was contended that the said
amendment would be retrospective & therefore the orders given by HC in appeal is
not maintainable. Only the new forum formed by the amendment can entertain the
cases filed under the Act.
Respondent's contentions:
·
It was submitted that the amendment
cannot take away the right of the aggrieved party to appeal in High Court by
creation of a new forum.
Judgement:
The Supreme Court dismissed the appeal and upheld the
right of the board to appeal in High Court as the right to appeal was available
to the respondent at the time of initiation of the dispute before the amendment
which wasn’t preserved thereof.
“What falls within the parameters of the
package at the initial stage of the lis or dispute, constitutes the vested
substantive right of the litigant concerned. An aggrieved party, is entitled to
pursue such a vested substantive right, as and when, an adverse judgment or
order is passed. Such a vested substantive right can be taken away by an
amendment, only when the amended provision, expressly or by necessary
intendment, so provides. Failing which, such a vested substantive right can be
availed of, irrespective of the law which prevails, at the date when the order
impugned is passed, or the date when the appeal is preferred. For, it has
repeatedly been declared by this Court, that the legal pursuit of a remedy,
suit, appeal and second appeal, are steps in a singular proceeding. All these
steps, are connected by an intrinsic unity, and are regarded as one legal
proceeding. ”
-Para 39 (Videocon International Ltd. v. Securities & Exchange Board of
India)
