Securities Appellate Tribunal
In The Matter Of A.L. No. 162 Of 2020 - ... vs Sebi on 8 July, 2020
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date: 08.07.2020
Misc. Application No. 172 of 2020
(Urgency Application)
And
Appeal Lodging No. 162 of 2020
Aurora UK Bidco Limited ...Appellant
Versus
Securities and Exchange Board of India ...Respondent
Mr. Janak Dwarkadas, Senior Advocate with Mr. Indranil
Deshmukh, Mr. Ruetveij Pandya, Ms. Dipti Bajaj and
Ms. Samhita Mehra, Advocates i/b Cyril Amarchand Mangaldas
for the Appellant.
Mr Pradeep Sancheti, Senior Advocate with Mr. Vivek Shah
and Mr. Abhiraj Arora, Advocates i/b ELP for the Respondent.
ORDER:
1. Since a pure question of law is involved in this appeal regarding the interpretation of Regulation 8(16) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers), Regulations, 2011 we have heard the matter finally without calling for a reply. The respondent is directed to scan the office notes and circulate the same to the parties as well as to the Tribunal within two days from today. 2 Necessary case laws may also be scanned and submitted within two days. Order reserved.
2. After passing the aforesaid order through video conference, the Tribunal received an email dated 08.07.2020 at 4.50 pm from Sri Abhiraj Arora the learned counsel for SEBI stating therein that the internal notes contains certain observations which are confidential in nature and cannot be shared with the appellant but have no hesitation in sharing the office notes with the tribunal.
3. We find it most unfortunate to receive such kind of emails after the passing of the order. No plea of confidentiality was stated by the Senior counsel and that is why we had directed the respondent to share the internal notes also with the appellant.
4. However, in order to resolve this issue, we direct the respondent in the first instance to share the office notes to the Tribunal within two days. If the Tribunal finds that the internal notes are not confidential then the Tribunal will pass further directions in this regard. 5 The present matter was heard through video conference due to Covid-19 pandemic. At this stage it is not possible to sign 3 a copy of this order nor a certified copy of this order could be issued by the Registry. In these circumstances, this order will be digitally signed by the Presiding Officer on behalf of the bench and all concerned parties are directed to act on the digitally signed copy of this order. Parties will act on production of a digitally signed copy sent by fax and/or email.
Digitally signed by TARUN Justice Tarun Agarwala AGARWAL TARUN Presiding Officer DN: c=IN, o=PUBLIC WORKS DEPARTMENT UTTAR PRADESH, postalCode=221505, st=Uttar AGAR Pradesh, 2.5.4.20=30fcf68685192bbc53 e6ff1608a83fb3881de7ac2ab7 954d509c85ed6e0f7c41, serialNumber=095f8b286bb0b WAL 1cd07ff676611f4f5e7999727d 404aa38ca422f9d3529bdb8a3, cn=TARUN AGARWAL Date: 2020.07.09 09:07:03 Dr. C.K.G. Nair +05'30' Member Justice M. T. Joshi Judicial Member 08.07.2020 PK