Securities Appellate Tribunal
Bhavana Bipin Shah vs Sebi on 24 October, 2016
Author: J. P. Devadhar
Bench: J. P. Devadhar
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
DATE : 24.10.2016
Misc. Application No. 139 of 2016
And
Appeal No. 197 of 2016
Bhavana Bipin Shah
A-1105, Marathon Cosmos,
L. B. Shashtri Marg,
Mulund (W), Mumbai - 400080. ..... Appellant
Versus
Securities & Exchange Board of India
SEBI Bhavan, Plot No. C-4A, G Block,
Bandra Kurla Complex, Bandra (East),
Mumbai - 400 051. ...... Respondent
With
Misc. Application No. 140 of 2016
And
Appeal No. 198 of 2016
Bipin Shah
A-1105, Marathon Cosmos,
L. B. Shashtri Marg,
Mulund (W), Mumbai - 400080. ..... Appellant
Versus
Securities & Exchange Board of India
SEBI Bhavan, Plot No. C-4A, G Block,
Bandra Kurla Complex, Bandra (East),
Mumbai - 400 051. ...... Respondent
With
Misc. Application No. 141 of 2016
And
Appeal No. 199 of 2016
Bhavana Bipin Shah
A-1105, Marathon Cosmos,
L. B. Shashtri Marg,
Mulund (W), Mumbai - 400080. ..... Appellant
Versus
Securities & Exchange Board of India
SEBI Bhavan, Plot No. C-4A, G Block,
Bandra Kurla Complex, Bandra (East),
Mumbai - 400 051. ...... Respondent
2
With
Misc. Application No. 142 of 2016
And
Appeal No. 200 of 2016
Bipin Shah
A-1105, Marathon Cosmos,
L. B. Shashtri Marg,
Mulund (W), Mumbai - 400080. ..... Appellant
Versus
Securities & Exchange Board of India
SEBI Bhavan, Plot No. C-4A, G Block,
Bandra Kurla Complex, Bandra (East),
Mumbai - 400 051. ...... Respondent
Dr. S. K. Jain, Practicing Company Secretary for the Appellants.
Mr. Aditya Chitale, Advocate with Mr. Mihir Mody, Mr. Saurabh
Bachhawat, Mr. Vivek Rana, Advocates i/b K. Ashar & Co. for the
Respondent.
CORAM : Justice J. P. Devadhar, Presiding Officer
Jog Singh, Member
Dr. C. K. G. Nair, Member
Per : Justice J. P. Devadhar (Oral)
1.In all these appeals, appellants have challenged the ex-parte order passed by the adjudicating officer ('A.O.' for short) of SEBI on 18/06/2009, 18/06/2009, 22/01/2009 and 22/01/2009 respectively with miscellaneous applications seeking condonation of delay in filing the respective appeal.
2. In view of inordinate delay in filing the appeals, we had directed the appellants to deposit the entire amount of penalty imposed against the appellants in all the four appeals. It is not in dispute that in compliance of our order, the appellants have deposited total penalty of ` 13 lacs imposed on the appellants.
3
3. Since the orders impugned in these appeals are ex-parte orders and the appellants have deposited the entire amount of penalty imposed against them, in the interest of justice, we condone the delay and set aside the ex- parte orders and direct the adjudicating officer of SEBI to pass fresh order in accordance with law after giving an opportunity of hearing to the appellants. The A.O. is directed to pass fresh order without being influenced by the impugned ex-parte order and if the A.O. in the fresh order deems it fit to impose penalty, then he may also consider the question as to whether the appellants should be directed to pay the penalty with interest.
4. All the contentions of both sides are kept open.
5. All four appeals and the respective miscellaneous applications are 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 24.10.2016 Prepared & Compared by PTM