AIR 2013 KARNATAKA 133 ::2013 (3) AIR Kant HCR 335 ::2013 (3) AKR 335 ::(2013) 115 CorLA 388 ::(2013) ILR (Kant) 3352 ::(2013) 3 Kant LJ 615 ::2013 (3) KCCR 256 SN ::(2013) 3 KCCR 256

Karnataka High Court

Hon'ble Judge(s): K. L. Manjunath, Ravi Malimath , JJ

(A) SEBI Act (15 of 1992) , S.30, S.11, S.19— SEBI (Collective Investment Scheme) Regulations (1999) , Regn.71(1), Regn.9(c)— Registration - Entitlement - 'Net worth' of company was less than Rs. 5 crores - Condition under Regn. 9(c) not fulfilled - Company not entitled for registration under Regn. 71 (1). (Para 3 18) (B) SEBI Act (15 of 1992) , S.30, S.11, S.19— SEBI (Collective Investment Scheme) Regulations (1999) , Regn.2(1)(s)— Constitution of India , Art.14, Art.19(1)(g)— 'Net worth' - Definition of - Challenged on ground of being unconstitutional for excluding funds created for revaluation - Object of excluding funds created out of revaluation is to protect interest of investors - Said funds at times amount to artificial valuation and not true value - Definition not violative of Arts. 14 and 19(1)(g) (Para 19) .....