Securities Appellate Tribunal
Mrs. Sushma Bajaj vs Sebi on 17 February, 2017
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date of Decision : 17.02.2017
Misc. Application No. 11 of 2017
And
Appeal No. 10 of 2017
Ms. Shalini Gupta
Flat No.B-809, Prateek,
Plot No.E -11, Sec-61, Noida,
Uttar Pradesh - 201307. ..... Appellant
Versus
Securities & Exchange Board of India
SEBI Bhavan, C-4A, G-Block, Bandra-Kurla
Complex, Bandra (East), Mumbai - 400 051. ...... Respondent
Mr. Prakash Shah, Advocate for the Appellant.
Mr. Vishal Kanade, Advocate with Mr. Pulkit Sukhramani, Advocate i/b.
The Law Point for the Respondent.
With
Appeal No. 242 of 2016
Mr. Manoj Singhal
I-1721, Chittranjan Park,
New Delhi - 110019. ..... Appellant
Versus
Securities & Exchange Board of India
SEBI Bhavan, C-4A, G-Block, Bandra-Kurla
Complex, Bandra (East), Mumbai - 400 051. ...... Respondent
Mr. Prakash Shah, Advocate for the Appellant.
Mr. Vikram Nankani, Senior Advocate with Mr. Pulkit Sukhramani,
Advocate i/b. The Law Point for the Respondent.
With
Appeal No. 354 of 2016
Mr. Ankur Jain
L - 1 / 12, Hauz Khas,
New Delhi - 110016. ..... Appellant
Versus
2
Securities & Exchange Board of India
SEBI Bhavan, C-4A, G-Block, Bandra-Kurla
Complex, Bandra (East), Mumbai - 400 051. ...... Respondent
Mr. Prakash Shah, Advocate for the Appellant.
Mr. Aditya Mehta, Advocate with Mr. Pulkit Sukhramani, Advocate i/b.
The Law Point for the Respondent.
With
Appeal No. 360 of 2016
Mr. Suresh Chand Jain
L - 1 / 12, Hauz Khas,
New Delhi - 110016. ..... Appellant
Versus
Securities & Exchange Board of India
SEBI Bhavan, C-4A, G-Block, Bandra-Kurla
Complex, Bandra (East), Mumbai - 400 051. ...... Respondent
Mr. Prakash Shah, Advocate for the Appellant.
Mr. Aditya Mehta, Advocate with Mr. Pulkit Sukhramani, Advocate i/b.
The Law Point for the Respondent.
With
Appeal No. 361 of 2016
Mr. Abhishek Jain
L - 1 / 12, Hauz Khas,
New Delhi - 110016. ..... Appellant
Versus
Securities & Exchange Board of India
SEBI Bhavan, C-4A, G-Block, Bandra-Kurla
Complex, Bandra (East), Mumbai - 400 051. ...... Respondent
Mr. Prakash Shah, Advocate for the Appellant.
Mr. Aditya Mehta, Advocate with Mr. Pulkit Sukhramani, Advocate i/b.
The Law Point for the Respondent.
With
Appeal No. 362 of 2016
Mrs. Nandini Pasari
Second Floor, 28, Nizamuddin East,
New Delhi - 110013. ..... Appellant
3
Versus
Securities & Exchange Board of India
SEBI Bhavan, C-4A, G-Block, Bandra-Kurla
Complex, Bandra (East), Mumbai - 400 051. ...... Respondent
Mr. Prakash Shah, Advocate for the Appellant.
Mr. Aditya Mehta, Advocate with Mr. Pulkit Sukhramani, Advocate i/b.
The Law Point for the Respondent.
With
Appeal No. 364 of 2016
Mr. Munish Bajaj
C-619, Ground Floor, Saraswati Vihar, Pitampura,
Delhi - 110034. ..... Appellant
Versus
Securities & Exchange Board of India
SEBI Bhavan, C-4A, G-Block, Bandra-Kurla
Complex, Bandra (East), Mumbai - 400 051. ...... Respondent
Mr. Prakash Shah, Advocate for the Appellant.
Mr. Aditya Mehta, Advocate with Mr. Pulkit Sukhramani, Advocate i/b.
The Law Point for the Respondent.
With
Appeal No. 365 of 2016
Mrs. Sushma Bajaj
C-619, Ground Floor, Saraswati Vihar, Pitampura,
Delhi - 110034. ..... Appellant
Versus
Securities & Exchange Board of India
SEBI Bhavan, C-4A, G-Block, Bandra-Kurla
Complex, Bandra (East), Mumbai - 400 051. ...... Respondent
Mr. Prakash Shah, Advocate for the Appellant.
Mr. Aditya Mehta, Advocate with Mr. Pulkit Sukhramani, Advocate i/b.
The Law Point for the Respondent.
With
Appeal No. 366 of 2016
Mr. Ashok Batra
H. No. 1541, Sector - 15, Sonepat,
Haryana - 131 001. ..... Appellant
4
Versus
Securities & Exchange Board of India
SEBI Bhavan, C-4A, G-Block, Bandra-Kurla
Complex, Bandra (East), Mumbai - 400 051. ...... Respondent
Mr. Prakash Shah, Advocate for the Appellant.
Mr. Aditya Mehta, Advocate with Mr. Pulkit Sukhramani, Advocate i/b.
The Law Point for the Respondent.
With
Appeal No. 367 of 2016
Mrs. Bharti Batra
H. No. 1541, Sector - 15, Sonepat,
Haryana - 131 001. ..... Appellant
Versus
Securities & Exchange Board of India
SEBI Bhavan, C-4A, G-Block, Bandra-Kurla
Complex, Bandra (East), Mumbai - 400 051. ...... Respondent
Mr. Prakash Shah, Advocate for the Appellant.
Mr. Aditya Mehta, Advocate with Mr. Pulkit Sukhramani, Advocate i/b.
The Law Point for the Respondent.
With
Misc. Application No. 357 of 2016
And
Appeal No. 429 of 2016
Anchal Rathi & Ors.
24, Sadhana Enclave, Malviya Nagar,
New Delhi - 110017. ..... Appellant
Versus
Securities & Exchange Board of India
SEBI Bhavan, C-4A, G-Block, Bandra-Kurla
Complex, Bandra (East), Mumbai - 400 051. ...... Respondent
Ms. Harshada Nagare, Advocate with Mr. Deepak Dhane, Advocate i/b
Joby Mathew & Associates for the Appellant.
Mr. Vikram Nankani, Senior Advocate with Mr. Pulkit Sukhramani,
Advocate i/b. The Law Point for the Respondent.
5
With
Misc. Application No. 373 of 2016
And
Appeal No. 443 of 2016
Ramesh Chandra Saraf
B-45, Inderpuri,
New Delhi - 110 012. ..... Appellant
Versus
Securities & Exchange Board of India
SEBI Bhavan, C-4A, G-Block, Bandra-Kurla
Complex, Bandra (East), Mumbai - 400 051. ...... Respondent
Mr. Prakash Shah, Advocate for the Appellant.
Mr. Vishal Kanade, Advocate with Mr. Pulkit Sukhramani, Advocate i/b.
The Law Point for the Respondent.
With
Misc. Application No. 374 of 2016
And
Appeal No. 444 of 2016
Mrs. Madhu Saraf
B-45, Inderpuri,
New Delhi - 110 012. ..... Appellant
Versus
Securities & Exchange Board of India
SEBI Bhavan, C-4A, G-Block, Bandra-Kurla
Complex, Bandra (East), Mumbai - 400 051. ...... Respondent
Mr. Prakash Shah, Advocate for the Appellant.
Mr. Vishal Kanade, Advocate with Mr. Pulkit Sukhramani, Advocate i/b.
The Law Point for the Respondent.
CORAM : Jog Singh, Member
Dr. C.K.G. Nair, Member
Per : Jog Singh (Oral)
6
Misc. Application No. 11 of 2017, 357, 373 and 374 of 2016
There is a delay of 91 days, 34 days, 71 days and 71 days in filing
Appeal Nos. 10 of 2017, 429, 443 and 444 of 2016 respectively. For the
reasons stated in the misc. applications, the delay is condoned.
Accordingly, Misc. Application Nos. 11 of 2017, 357, 373 and 374 of 2016
stand disposed of.
Appeal Nos.10 of 2017, 242, 354, 360, 361, 362, 364, 365, 366, 367, 429,
443 and 444 of 2016.
1.In all these appeals a common question of law has been raised. The appellants are aggrieved of the confirmatory order dated 25.8.2016 passed by the Whole Time Member ('WTM' for short) of Securities and Exchange Board of India ('SEBI' for short). SEBI passed an ex-parte ad-interim order dated 29.6.2015 restraining the appellants and other entities from buying, selling or dealing in the securities market, either directly or indirectly in any manner till further directions. By order dated 25.8.2016 SEBI has confirmed the directions issued by the ex-parte ad-interim order dated 29.6.2015. The main grievance raised by Shri Prakash Shah, learned counsel for the appellants is that the investigation is going on since last one and half years and the appellants are being prejudiced because of the Confirmatory order dated 25.8.2016 in many ways because of the pendency of the investigation for such a long time.
2. Shri Vikram Nankani, learned senior counsel appeared for SEBI alongwith Mr. Vishal Kande, Mr. Aditya Mehta and Mr. Pulkit Sukhramani. He submits that SEBI is taking expeditious steps to finalize these matters but due to enormous records and a number of companies involved in the matter, the same could not be completed so far. After 7 hearing the learned counsel for the parties, we are convinced that the investigation should be finalized within a period of 6 months from today. Ordered accordingly. In an unlikely event of investigation being not completed within a period of 6 months the parties would be at liberty to take appropriate steps in accordance with law. It is made clear that the appellants shall co-operate with the investigation. All the misc. applications and the appeals, accordingly, stand disposed of as above with no order as to costs.
Sd/-
Jog Singh Member Sd/-
Dr. C.K.G.Nair Member 17.2.2017 prepared and compared by RHN/PTM