Securities Appellate Tribunal
Roselabs Industries Limited vs Sebi on 29 June, 2016
Author: J.P. Devadhar
Bench: J.P. Devadhar
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date : 29/06/2016
Misc. Application No.186 of 2014
And
Appeal No.414 of 2014
Roselabs Industries Limited
14, Navkar, Behind Vasna Telephone Exchange,
Vasna, Ahmedabad - 380 007. ... Appellant
Versus
Securities and Exchange Board of India
SEBI Bhavan, Plot No.C-4A, G-Block,
Bandra-Kurla Complex, Bandra (East),
Mumbai - 400 051. ... Respondent
Ms. Rinku Valanju, Advocate for the Appellant.
Mr. Kumar Desai a/w Mr. Pulkit Sukhramani, Advocates 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)
Misc. Application No.186 of 2014 in Appeal No.414 of 2014:
1.By this Misc. Application, Applicant/Appellant seeks condonation of delay of 657 days in filing the Appeal. For the reasons stated in the application, the delay is condoned. Misc. Application is disposed of accordingly.
Appeal No.414 of 2014:
2. The Appellant is aggrieved by the order passed by the Adjudicating Officer ("AO" for short) of the Securities and Exchange Board of India ("SEBI" for short) on 10th December, 2012. By the said order, penalty of Rs.12 lakh is imposed on Appellant under Section15A(a) and under Section 15C of the Securities and Exchange Board of India Act ("SEBI Act" for short). 2
3. Basic grievance raised in this appeal that the Appellant had in fact redressed most of the grievances prior to receiving the notice from SEBI. In view of the fact that relevant documents to show that the investor grievances were redressed prior to receiving notice from SEBI were not annexed to the memo of the appeal, Counsel for the Appellant seeks to withdraw the appeal with liberty to file fresh appeal by annexing necessary documents in that behalf.
4. Accordingly, the Appeal is allowed to be withdrawn with liberty to the Appellant to file fresh appeal within a period of four weeks from today.
5. Appeal is 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 29/06/2016 Prepared & compared by-ddg