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Securities And Exchange Board Of India vs Best Bull Stock Trading Pvt. Ltd. on 1 July, 2016

Bench: Anil R. Dave, L. Nageswara Rao

                                        IN THE SUPREME COURT OF INDIA
                                         CIVIL APPELLATE JURISDICTION

                                        CIVIL APPEAL NO.5234 OF 2016


            SECURITIES AND EXCHANGE BOARD OF INDIA                                 ... APPELLANT(S)

                                                       VS.

            BEST BULL STOCK TRADING PVT. LTD.                                      ... RESPONDENT(S)

                                             WITH
                C.A.Nos.5235-5238/2016, C.A.No....../2016 (D.No.16720/2016,
                C.A.Nos.5250-5251/2016, C.A.No.5257/2016, C.A.No.5271/2016
                & C.A.Nos.5216-5223/2016



                                                    O R D E R

Delay condoned.

In these appeals, the order dated 9th March, 2016 passed in Appeal No.51/2016 by the Securities Appellate Tribunal, Mumbai (SAT), has been challenged.

By virtue of the impugned order, the SAT has set aside an ex-parte interim order dated 17th February, 2016, passed by the Whole Time Member of Securities and Exchange Board of India. By order dated 17th February, 2016, the Securities and Exchange Board of India (SEBI) had issued show cause notice to the present respondents and had called upon them to file a reply but before filing the reply, the respondents approached the SAT and the SAT quashed the Signature Not Verified Digitally signed by SARITA PUROHIT Date: 2016.07.05 17:00:53 IST order passed by the SEBI.

1  Looking at the facts of the case, we are of the view that the respondents should give reply to the show cause notice, which had been issued to them by the SEBI by virtue of order dated 17th February, 2016, within two weeks from today. Upon getting the reply, within four weeks thereafter the SEBI shall decide the matter finally after giving a hearing to the parties, to whom the show cause notice had been given by the SEBI.

In view of the above order, we dispose of these appeals. It is clarified that the SEBI shall pass an order after hearing the concerned parties and without being influenced by any observation made by the SAT.

Looking at the facts of the case, the order passed by the SAT shall operate till the SEBI decides the case pending before it.

..............J. [ANIL R. DAVE] .................J. [L. NAGESWARA RAO] New Delhi;

1st July, 2016




                                         2
ITEM NO.7+50              COURT NO.2                SECTION XVII

                S U P R E M E C O U R T O F      I N D I A
                        RECORD OF PROCEEDINGS

Item No.7 :

Civil Appeal No(s).5234/2016 SECURITIES AND EXCHANGE BOARD OF INDIA Appellant(s) VERSUS BEST BULL STOCK TRADING PVT. LTD. Respondent(s) (With appln.(s) for ad-interim ex-parte stay and permission to file synopsis and list of dates and office report) WITH C.A.Nos.5235-5238/2016 (With appln.(s) for ad-interim ex-parte stay and permission to file synopsis and list of dates and Office Report) C.A.No....../2016 (D.No.16720/2016) (With appln.(s) for c/delay in filing appeal and Office Report) C.A.Nos.5250-5251/2016 (With appln.(s) for ad-interim ex-parte stay and permission to file lengthy list of dates and Office Report) C.A.No.5257/2016 (With appln.(s) for ad-interim ex-parte stay and permission to file synopsis and list of dates and Office Report) C.A.No.5271/2016 (With appln.(s) for ad-interim ex-parte stay and permission to file synopsis and list of dates and Office Report) Item No.50 :

C.A.Nos.5216-5223/2016 (With appln.(s) for ad-interim ex-parte stay and office report) Date : 01/07/2016 These matters were called on for hearing today. CORAM :

HON'BLE MR. JUSTICE ANIL R. DAVE HON'BLE MR. JUSTICE L. NAGESWARA RAO For Appellant(s) Mr. Arvind Datar,Sr.Adv.

Mr. Bhargava V. Desai,Adv. Ms. Arriti Dewan,Adv.

For Respondent(s) Mr. P. Chidambaram,Sr.Adv.

Mr. M.K.S. Menon,Adv. Mr. Joby Mathew,Adv.

Mr. Judy James,Adv.

Mr. Shashank Menon,Adv. For Ms. Usha Nandini V.,Adv.

Dr. A.M. Singhvi,Sr.Adv. Mr. Ashutosh Khaitan,Adv. Mr. Navpreet Singh Ahluwalia,Adv. Mr. Kanishk V. Shahi,Adv. Mr. Salil Seth,Adv.

Mr. Adish Sharma,Adv. Mr. Umesh Kumar Khaitan,Adv.

Mr. Dushyant Dave,Sr.Adv. Mr. Dhruv Mehta,Sr.Adv. Mr. Ashutosh Khaitan,Adv. Mr. Navpreet Singh Ahluwalia,Adv. Mr. Kanishk V. Shahi,Adv. Mr. Salil Seth,Adv.

Mr. Adish Sharma,Adv. Mr. Umesh Kumar Khaitan,Adv.

Mr. Deepak Anand,Adv. Ms. Hemlata Rawat,Adv. Mr. J.P. Pathak,Adv.

Mr. Akhilesh Kumar Pandey,Adv. Mr. Prakash Shah,Adv.

Mr. Sumit Kumar,Adv.

Ms. Kumari Supriya,Adv.

Mr. Sachin Mittal,Adv. Mr. Prakash Shah,Adv.

Mr. Pawan K. Bhal,Adv. Mr. Deepak Goel,Adv.

Mr. Sandeep Singh,Adv. Mr. Shailendra Verma,Adv.

Mr. Purvish J. Malkan,Adv. Mr. Prakash Shah,Adv. Mr. Abhinav Ramkrishna,Adv. Mr. P.K. Razdan,Adv.

Mr. Abhijeet Sinha,Adv. Ms. Arunima Singh,Adv.

Mr. Atul Kumar,Adv.

Mr. Akshat Kumar,Adv. Mr. Bipin Pradip Aspatwar,Adv.

 UPON hearing the counsel the Court made the following O R D E R The appeals are disposed of in terms of the signed order.

(Sarita Purohit) (Sneh Bala Mehra) Court Master Assistant Registrar (Signed order is placed on the file) 5