Securities Appellate Tribunal
Bhartiya Global Infomedia Ltd. And ... vs Sebi on 20 November, 2017
Author: J. P. Devadhar
Bench: J. P. Devadhar
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
DATE : 20.11.2017
Appeal No. 482 of 2016
1.Bharatiya Global Infomedia Ltd. B-13, LGF, Amar Colony, Lajpat Nagar -IV, New Delhi - 110024.
2. Shri Rakesh Bhatia A-93, Sector 26, Noida - 201301.
3. Shri Sanjeev Kumar Mittal D-51/B, Sector - 26, Noida - 201301.
4. Shri Rajeev Kumar Agarwal 26/161, II Floor, West Patel Nagar, New Delhi - 110008. ..... Appellants Versus Securities & Exchange Board of India SEBI Bhavan, C-4A, G-Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051. ...... Respondent Ms. Madhumita Bhattacharjee, Advocate for the Appellants. Mr. Pradeep Sancheti, Senior Advocate with Mr. Mihir Mody, Mr. Nishant Upadhyay, Advocates i/b K. Ashar & Co. for the Respondent. CORAM : Justice J. P. Devadhar, Presiding Officer Jog Singh, Member Dr. C. K. G. Nair, Member Per : Justice J. P. Devadhar (Oral)
1. This appeal is filed to challenge the order passed by the WTM of SEBI on August 8, 2014. By the said order, appellants have been, inter- alia, debarred from accessing the securities market and prohibited from buying, selling and otherwise dealing in securities market directly or indirectly, in any manner whatsoever, for a period of five years. The said order further records that the period of prohibition already undergone by the 2 appellants pursuant to the interim order dated December 28, 2011 shall be taken into account for the purpose of computing the period of prohibition imposed under the impugned order dated August 8, 2014.
2. It is not in dispute that as per the ex-parte order dated December 28, 2011 and confirmatory order dated October 5, 2012 the appellants have already undergone debarment of five years and as such the appeal has become infructuous.
3. In these circumstances, we dispose of the appeal as infructuous. However, we make it clear that since the appeal is disposed of as infructuous and not on merits, the findings recorded in the impugned order dated August 8, 2014 shall not be treated as upheld by this Tribunal and the impugned order dated August 8, 2014 shall not be treated as precedent.
4. Appeal is disposed of in the aforesaid terms with no order as to costs.
Sd/-
Justice J. P. Devadhar Presiding Officer Sd/-
Jog Singh Member Sd/-
Dr. C. K. G. Nair Member 20.11.2017 Prepared & Compared by PTM