Justice Tarun Agarwala, former Chief Justice of Meghalaya High Court and ex-Presiding Officer of SAT, passed away on March 29, 2025, leaving behind a distinguished legal legacy.
MEGHALAYA: Justice Tarun Agarwala, former Chief Justice of the Meghalaya High Court and ex-Presiding Officer of the Securities Appellate Tribunal (SAT), passed away in the early hours of March 29, 2025. He suffered a heart attack, and despite multiple attempts to revive him, he could not be saved. His sudden demise marks the loss of a distinguished legal luminary with an illustrious career spanning over four decades.
Early Life and Education
Born in 1957, Justice Agarwala pursued his early education in Uttar Pradesh. He completed his Bachelor of Arts from Allahabad University in 1978 before earning his law degree from the University of Allahabad. His strong academic background laid the foundation for his remarkable journey in the legal profession.
Legal Career and Judicial Appointments
Justice Agarwala enrolled as an advocate on December 9, 1981, and began practicing at the Allahabad High Court, specializing in a wide array of legal matters, including civil law, constitutional law, taxation, labor disputes, testamentary issues, and corporate affairs.
His judicial career commenced on January 7, 2004, when he was appointed as an Additional Judge of the Allahabad High Court. Recognizing his legal acumen and dedication, he was elevated to the position of Permanent Judge on August 18, 2005.
Subsequently, on September 25, 2009, he was transferred to the Uttarakhand High Court, where he briefly served as the Acting Chief Justice from September 25 to November 29, 2009. He later returned to the Allahabad High Court, resuming his judicial duties on October 17, 2012.
Chief Justice of Meghalaya High Court and Role at SAT
On February 12, 2018, Justice Agarwala was transferred to the Meghalaya High Court, where he was sworn in as its Chief Justice. He served in this capacity until his retirement, making significant contributions to the legal landscape of the state.
Following his retirement, he was appointed as the Presiding Officer of the Securities Appellate Tribunal (SAT) in 2018 for a five-year term. During his tenure, he played a crucial role in adjudicating securities market disputes and ensuring regulatory compliance within India’s financial sector.
A Legacy Remembered–Landmark Judgements
Justice Tarun Agarwala’s passing marks the end of a distinguished judicial career characterized by integrity, diligence, and an unwavering commitment to justice. His contributions to the Indian judiciary, particularly in the realms of constitutional law, corporate affairs, and financial regulation, will be remembered for years to come.
Justice Tarun Agarwala, during his tenure as Presiding Officer of the Securities Appellate Tribunal (SAT) from 2019 to 2023, delivered several landmark judgments that significantly influenced India’s securities market jurisprudence. Notable among these are:
- Anita Jajodia v. Securities and Exchange Board of India (2021): In this case, the SAT addressed the issue of delayed regulatory proceedings initiated by SEBI. The tribunal observed that undue delays in initiating proceedings can prejudice the parties involved and serve as mitigating factors when imposing penalties. The judgment underscored the importance of prompt regulatory actions to ensure fairness in enforcement.
- Parag Sarda v. SEBI (2020): Here, the SAT examined a 17-year delay in issuing a show-cause notice by SEBI. The tribunal emphasized that, even in the absence of a prescribed limitation period, regulatory authorities must exercise their powers within a reasonable timeframe. The inordinate delay led to the setting aside of the penalty imposed, highlighting the necessity for timely enforcement actions.
- Mr. Vijay Sharma v. SEBI (2021): In this matter, the SAT dealt with a 12-year delay by SEBI in initiating proceedings against the appellants. The tribunal noted that such prolonged delays defeat the purpose of regulatory enforcement and can lead to the quashing of penalties imposed due to laches.
These judgments collectively highlight Justice Agarwala’s commitment to ensuring that regulatory bodies act promptly and fairly, reinforcing the principle that undue delays can undermine the integrity of enforcement actions.
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