Kamal Kuchana vs Sebi on 27 April, 2016

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Securities Appellate Tribunal

Kamal Kuchana vs Sebi on 27 April, 2016

Bench: J. P. Devadhar

BEFORE THE SECURITIES APPELLATE TRIBUNAL
                  MUMBAI

                                                     Date: 27.04.2016

                                  Misc. Application No. 151 of 2014
                                  And
                                  Appeal No. 321 of 2014
Kamal Kuchana
814 Margaret CT,
South Plainfiled NJ 07080-2361,
New Jersey, USA.                                         ...Appellant

                                  Versus

Securities and Exchange Board of India
SEBI Bhavan, Plot No. C4-A, G-Block,
Bandra Kurla Complex, Bandra (East),
Mumbai - 400 051.                                       ...Respondent


                                   With
                                   Appeal No. 342 of 2014
Ramaswamy Kuchana
1-7-1266/1, Advocates Colony, Road No. 8,
Bala Samudram Hanmakonda,
Warangal - 506 001.                                      ...Appellant

                                  Versus

Securities and Exchange Board of India
SEBI Bhavan, Plot No. C4-A, G-Block,
Bandra Kurla Complex, Bandra (East),
Mumbai - 400 051.                                       ...Respondent


                                  With
                                  Appeal No. 343 of 2014
Durga Kuchana
A 1401, Fortune Towers, Madhapur,
Hyderabad - 500 081.                                    ...Appellant

                                  Versus

Securities and Exchange Board of India
SEBI Bhavan, Plot No. C4-A, G-Block,
Bandra Kurla Complex, Bandra (East),
Mumbai - 400 051.                                       ...Respondent


                                  With
                                  Misc. Application No. 159 of 2014
                                     2


                                 And
                                 Appeal No. 344 of 2014
Ravi Kusum
Block-I, Flat-603, Aparna Cyber Commune,
Synos. 177/a & 177/e, Nallangandla,
Serilingampally, Ranga Reddy,
Hyderabad - 500 019.                                       ...Appellant

                                 Versus

Securities and Exchange Board of India
SEBI Bhavan, Plot No. C4-A, G-Block,
Bandra Kurla Complex, Bandra (East),
Mumbai - 400 051.                                          ...Respondent


                                 With
                                 Misc. Application No. 160 of 2014
                                 And
                                 Appeal No. 345 of 2014

1.

Taksheel Solutions Limited (TSL) H. No.: 8-2-601/b/28, 3rd Floor, Laxmi Nilayam, Gauri Shankar Colony, Road No: 10, Banjara Hills, Hyderabad 500 034.

2. Mr. Pavan Kumar Kuchana 1-7-1266/1, Advocates Colony, Road No: 8, Balasamudram, Hanamhonda, Warangal - 506001. ...Appellants Versus Securities and Exchange Board of India SEBI Bhavan, Plot No. C4-A, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. ...Respondent Mr. Sharan Jagtiani, Advocate with Mr. Amit Dey, Advocate i/b Mindspright Legal for the Appellants in Appeal Nos. 321, 342, 343 of 2014.

Mr. Nirman Sharma, Advocate with Ms. Shobhana R. Waghmare, Advocate i/b Sayeed Mulani for the Appellant in Appeal No. 344 of 2014. Mr. Ankit Lohia, Advocate i/b P. B. Gujar for the Appellants in Appeal No. 345 of 2014.

Mr. Vikram Nankani, Senior Advocate with Mr. Tomu Francis, Advocate for the Respondent.

CORAM : Justice J. P. Devadhar, Presiding Officer Dr. C. K. G. Nair, Member Per : Justice J. P. Devadhar (Oral) Misc. Application No. 151 of 2014 in Appeal No. 321 of 2014 There is a delay of 9 days in filing this appeal. By miscellaneous application applicant seeks condonation of the said delay. For the reasons stated in the miscellaneous application, delay is condoned. Miscellaneous Application is disposed of accordingly.

Misc. Application No. 159 of 2014 in Appeal No. 344 of 2014 There is a delay of 3 days in filing this appeal. By miscellaneous application applicant seeks condonation of the said delay. For the reasons stated in the miscellaneous application, delay is condoned. Miscellaneous Application is disposed of accordingly.

Misc. Application No. 160 of 2014 in Appeal No. 345 of 2014 There is a delay of 1 month 27 days in filing this appeal. By miscellaneous application applicant seeks condonation of the said delay.

For the reasons stated in the miscellaneous application, delay is condoned.

Miscellaneous Application is disposed of accordingly.

Appeal Nos. 321, 342, 343, 344 and 345 of 2014 :

1. Counsel for the parties state that in view of the order passed by this Tribunal in similar cases in Appeal No. 419 of 2014 and Appeal No. 341 of 2014 on April 15, 2016, these appeals may also be disposed of in the same terms.

2. Accordingly, for the reasons stated in our order dated April 15, 2016 in Appeal No. 419 of 2014 and Appeal No. 341 of 2014, the orders passed against the appellants in these appeals are quashed and restored to the file of the adjudicating officer for fresh decision on merits and in accordance with law. All contentions of both the parties are kept open.

3. All the appeals are disposed of in the above terms with no order as to costs.

Sd/-

Justice J. P. Devadhar Presiding Officer Sd/-

Dr. C. K. G. Nair Member 27.04.2016 Prepared & Compared by PTM

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