Kaushik Roy vs Sebi on 9 January, 2017

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Securities Appellate Tribunal

Kaushik Roy vs Sebi on 9 January, 2017

Bench: J.P. Devadhar

BEFORE THE             SECURITIES APPELLATE TRIBUNAL
                              MUMBAI


                                    Date of Decision : 09.01.2017

                                   Misc. Application No. 234 of 2016
                                   And
                                   Appeal No. 290 of 2016

Kaushik Roy
20, Maitri Park Road,
Kolkata Municipal Corporation,
Regent Park,
South 24 Parganas, 700070.                              ...Appellant

Versus

1.

Mr. Prashant Saran Learned Whole Time Member Securities and Exchange Board of India, Eastern Regional Office, L&T Chambers, 3rd floor, 16 Camac Street, Kolkata - 700017.

2. Manish S. Roy Recovery Officer, SEBI, Eastern Regional Office, L&T Chambers, 3rd floor, 16 Camac Street, Kolkata - 700017.

3. Prasad Jagadale Adjudicating Officer, SEBI Bhavan, Plot No. C-4A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051. ...Respondents Mr. Devasis Mitra, Advocate i/b Nitindra Mohan Mukherjee for the Appellant.

Mr. Pulkit Sukhramani, Advocate i/b The Law Point for Respondents.

CORAM : Justice J.P. Devadhar, Presiding Officer Jog Singh, Member Dr. C.K.G. Nair, Member Per : J.P. Devadhar (Oral) 2

1. This appeal is filed to challenge the order passed by the Whole Time Member ('WTM' for short) of Securities and Exchange Board of India ('SEBI' for short) on July 9, 2013.

2. In view of the fact that the impugned order is passed without hearing the appellant, counsel for SEBI, on instruction states that the impugned order dated July 9, 2013 be quashed and set aside qua the appellant with liberty to the WTM of SEBI to pass fresh order on merits after hearing the appellant. Accordingly, the impugned order dated July 9, 2013 is quashed and set aside qua the appellant with direction to the WTM of SEBI to pass fresh order on merits and in accordance with law.

3. In view of the above, attachment levied on the bank account of the appellant shall stand vacated forthwith.

4. Appeal as also the Misc. Application are disposed of in the aforesaid 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 09.01.2017 Prepared and compared by:

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