Securities Appellate Tribunal
Info-Drive Software Limited vs Sebi on 23 August, 2017
Author: J.P. Devadhar
Bench: J.P. Devadhar
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date of Decision : 23.8.2017
Appeal No.197 of 2017
Info-Drive Software Limited
Crown Court, 6th Floor, Office No.3 No.128
Cathedral Road, Chennai - 600 086, Tamil Nadu .... Appellant
Versus
1.BSE Ltd.
P.J. Tower, Dalal Street, Mumbai - 400 001.
2. Securities & Exchange Board of India SEBI Bhavan, Plot No. C-4A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051. ...... Respondents Mr. J.J. Bhatt, Advocate with Ms. Nikita Hinger, Advocate i/b. RV Legal for the Appellant.
Mr. Ajay Khaire, Advocate with Mr. Nair Renjith Ramesh, Advocate i/b. The Law Point for Respondent no.1.
Mr. Tomu Francis, Advocate with Mr. Vivek Shah, Advocate for Respondent no.2.
CORAM : Justice J.P. Devadhar, Presiding Officer Dr. C.K.G. Nair, Member Per : Justice J.P. Devadhar (Oral)
1. This appeal is filed inter alia to challenge the communication of Securities and Exchange Board of India (for short 'SEBI') dated 7th August, 2017 as also the Order dated 7/8/2017 issued by Bombay Stock Exchange Ltd. in compliance with the directions contained in the SEBI Communication dated 7th August, 2017.
2. As the appellant has already made a representation to SEBI against the said ex-parte order dated 7th August, 2017, Counsel for the appellant on instruction seeks to withdraw the appeal with liberty to pursue the representation filed before SEBI. Accordingly, we permit the appellant to 2 withdraw the appeal with liberty to pursue the representation pending before SEBI.
3. SEBI is directed to dispose of the representation made by the appellant as expeditiously as possible and in any event within a period of three weeks from today. It is made clear that passing of any order on the representation made by the appellant would not preclude SEBI from further investing the matter and initiate appropriate proceedings if deemed fit.
4. Appeal is disposed of in the aforesaid terms with no order as to costs.
Sd/-
Justice J. P. Devadhar Presiding Officer Sd/-
Dr. C. K. G. Nair Member 23.8.2017 Prepared and compared by RHN