Securities Appellate Tribunal
Garron Shares And Stock Brokers Pvt. ... vs Sebi on 21 November, 2017
Author: J.P. Devadhar
Bench: J.P. Devadhar
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date : 21.11.2017
Appeal No.226 of 2017
Garron Shares and Stock Brokers Private Limited
B-301, Usha Nagar, Village Road, Bhandup (West)
Mumbai - 400078. ..... Appellant
Versus
1.Inter Connected Stock Exchange of India Limited International InfoTech Park, Tower No.7, 5th Floor, Sector 30, Vashi, Navi Mumbai 400 703.
2. Securities & Exchange Board of India SEBI Bhavan, Plot No. C-4A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400051. ...... Respondents Mr. Rajan Pillai, Advocate for the Appellant. Mr. P.N. Modi, Senior Advocate with Ms. Kalpana Desai, Mr. Rajesh Khandelwal and Mr. Ashok Lumia A.R., Advocate i/b. Juris Link i/b. Juris Link for Respondent no.1.
Mr. Aditya Mehta, Advocate with Mr. Tomu Francis, Advocate i/b. ELP for Respondent no.2.
CORAM : Justice J.P. Devadhar, Presiding Officer Jog Singh, Member Dr. C.K.G.Nair, Member Per : Justice J.P. Devadhar (Oral)
1. By this appeal the appellant seeks two reliefs from the respondent no.1. Firstly, the appellant seeks and order directing the respondent No.1 to refund the admitted liability of Security Deposit of Rs.1,17,500/- alongwith 2 interest due from April, 2005 and secondly, the appellant seeks an order directing respondent no.1 to refund the Admission Fee of Rs.5 lakh paid in 2003 alongwith interest due to their failure to maintain standard set by SEBI.
2. With reference to the first relief claimed by the appellant, it is seen from the documents annexed to the Memorandum of Appeal that the Respondent no.1 had been repeatedly calling upon the appellant to collect the amount of Rs.1,17,500 but the appellant has failed to collect the same. Hence the appellant is directed to approach the respondent No.1. with documents as set out in the letter of the respondent No.1 dated 29.7.2017 and submit the basis on which interest is claimed by the appellant. Respondent no.1 shall take appropriate decision in respect thereof and communicate the same to the appellant.
3. With reference to the second relief, it is seen from the documents annexed to the Memorandum of appeal that the respondent No.1 by its communication dated 26.2.2015 had specifically informed the appellant that the admission fees payable for trading membership of dealers is non- refundable. This communication of the respondent No.1 is neither challenged in the present appeal nor any ground is set out in the memorandum of appeal as to how the reasons set out in the communication of respondent No.1 dated 26.2.2015 are unsustainable. Moreover, once the respondent no.1 has been wound up pursuant to an order passed by SEBI on 8.12.2014 and accordingly lost the status as a 'stock exchange', whether any claim against respondent no.1 is maintainable before this Tribunal is a question not dealt with in the appeal.
4. In these circumstances, counsel for the appellant seeks to withdraw the appeal with liberty to approach appropriate forum seeking 3 refund of the admission fees which are claimed as 'non-refundable' by respondent No.1.
5. The appeal is accordingly disposed of in the above 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 21.11.2017 Prepared and compared by RHN