Securities Appellate Tribunal
Kanwal Jit Singh vs Sebi on 4 August, 2016
Author: J. P. Devadhar
Bench: J. P. Devadhar
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
DATE : 04.08.2016
Review Application No. 7 of 2016
In
Appeal No. 6 of 2016
Kanwal Jit Singh
C 603, Mithras Park, Rahatani Road, ..... Applicant
Pimple Saudagar, Pune 411 027. (Org. Appellant)
Versus
1.Securities and Exchange Board of India SEBI Bhavan, Plot No. C-4A, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051.
2. The Executive Trustee UTI Mutual Fund UTI Tower, 'Gn' Block, Bandra Kurla Complex, Bandra (East), Mumbai 400 051.
3. The Vice President Operations Department of Operations, UTI Asset Management Company Ltd.
UTI Tower, 'Gn' Block, Bandra Kurla Complex, Bandra (East), Mumbai 400 051.
4. The Managing Director, UTI Trustee Company P. Ltd.
UTI Tower, 'Gn' Block, Bandra Kurla Complex, Bandra (East), ...... Respondents Mumbai 400 051. (Org. Respondents) Mr. Kanwal Jit Singh, Applicant in person. Mr. Chirag Bhavsar, Advocate with Mr. Rohan Agrawal, Advocate i/b MDP & Partners for the Respondent No. 1.
Ms. Rinku Valanju, Advocate for the Respondent Nos. 2 to 4. CORAM : Justice J. P. Devadhar, Presiding Officer Dr. C. K. G. Nair, Member Per : Justice J. P. Devadhar (Oral)
1. Being aggrieved by the communication issued by the Securities and Exchange Board of India ("SEBI" for short) on August 12, 2015, the appellant had filed appeal No. 6 of 2016. When the said appeal was taken up for hearing on 2 April 26, 2016, on noticing certain infirmities in the impugned communication, counsel for SEBI offered to withdraw the impugned communication and pass fresh order after hearing the appellant. Accordingly, without going into the merits of the case, the appeal was disposed of by permitting SEBI to withdraw the impugned communication and to pass fresh order after giving an opportunity of hearing to the appellant.
2. By the present review application the appellant seeks review of our order dated April 26, 2016, inter-alia, on the ground that the order dated April 26, 2016 was passed without considering the Government of India order dated July 23, 2007 and that remanding the matter back to SEBI is not in consonance with the principles of natural justice.
3. We see no merit in the above contention. What was challenged in the appeal was the communication of SEBI dated August 12, 2015, whereby the complaint filed by the appellant was disposed of by SEBI. Since the appeal was disposed of by this Tribunal, without going into the merits of the case, the question of this Tribunal considering the order of Government of India or violating the principles of natural justice does not arise at all.
4. In the result we hold that the review application is without any merit and accordingly dismiss the review application with no order as to costs.
Sd/-
Justice J. P. Devadhar Presiding Officer Sd/-
Dr. C. K. G. Nair Member 04.08.2016 Prepared & Compared by PTM