Securities Appellate Tribunal
Garron Shares & Stock Brokers Pvt. Ltd. vs Sebi on 12 March, 2018
Author: J. P. Devadhar
Bench: J. P. Devadhar
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
DATE : 12.03.2018
Misc. Application No. 49 of 2018
And
Appeal No. 49 of 2018
Garron Shares & Stock Brokers Pvt. Ltd.
B-301, Usha Nagar, Village Road,
Bhandup (West), Mumbai - 400078. ..... Appellant
Versus
1.Securities & Exchange Board of India SEBI Bhavan, C-4A, G-Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051.
2. Inter Connected Stock Exchange of India Ltd. International InfoTech Park, Tower No:7, 5th Floor, Sector 30, Vashi, Navi Mumbai - 400 703. ... Respondents Dr. V. V. L. N. Shastri, Advocate with Mr. Rajan Pillai, Advocate for the Appellant.
Mr. Aditya Mehta, Advocate with Mr. Tomu Francis, Mr. Vivek Shah, Advocates for the Respondent No. 1.
Mr. Rajesh Khandelwal, Advocate with Mr. Ashok Lunia, Director i/b Juris Link for the Respondent No. 2.
CORAM : Justice J. P. Devadhar, Presiding Officer Dr. C. K. G. Nair, Member Per : Justice J. P. Devadhar (Oral)
1. Appeal No. 49 of 2018 is filed to challenge the order passed by the Whole Time Member of Securities and Exchange Board of India ('SEBI' for short) on December 8, 2014. Misc. Application No. 49 of 2018 is taken out seeking condonation of 1128 days delay in filing the appeal against the order of SEBI dated December 8, 2014.
2. Basic contention of the appellant is that after the impugned order dated December 8, 2014, the appellant had made several representations, however, 2 the same have not been considered. It is submitted that the impugned order passed by SEBI permitting Respondent Nos. 2 to voluntarily surrender its status as stock exchange is unjustified and contrary to law. Accordingly, it is submitted that the impugned order passed by SEBI is without jurisdiction and hence the delay in filing the appeal deserves to be condoned.
3. We see no merit in the above contentions.
4. Challenging the very same decision of SEBI dated December 8, 2014 ISE Dealers Association had filed an appeal bearing appeal no. 12 of 2018 with Misc. Application No. 12 of 2018 seeking condonation of delay in filing the appeal against the order of SEBI dated December 8, 2014. The said Misc. Application as also the appeal was dismissed by this Tribunal on February 26, 2018 by recording a finding that the order passed by SEBI on December 8, 2014, inter-alia, has already been implemented and the Inter Connected Stock Exchange of India Ltd. has ceased to be a stock exchange long ago. In these circumstances, for the reasons recorded in our order dated February 26, 2018 in the case of ISE Dealers Association (supra), we see no reason to condone the delay of 1128 days in filing the appeal. Accordingly, the Misc. Application is dismissed. In view of the dismissal of the Misc. Application the appeal become infructuous and the same is disposed of accordingly with no order as to costs.
Sd/-
Justice J. P. Devadhar Presiding Officer Sd/-
Dr. C. K. G. Nair Member 12.03.2018 Prepared & Compared by PTM