Securities Appellate Tribunal
Jik Industries Ltd. vs Sebi on 16 March, 2018
Author: J. P. Devadhar
Bench: J. P. Devadhar
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
DATE : 16.03.2018
Misc. Application No. 57 of 2018
And
Appeal No. 60 of 2018
JIK Industries Ltd.
Balkum, Pada No. 3,
Thane, Maharashtra 400608. ..... Appellant
Versus
National Stock Exchange of India Ltd.
Exchange Plaza,
Bandra Kurla Complex, Bandra (East),
Mumbai - 400 051. ... Respondent
Mr. Paras Parekh, Advocate with Ms. Stuti Shah, Advocate i/b K. R.
Parekh & Co. for the Appellant.
Mr. Rashid Boatwalla, Advocate with Mr. Rahul Jain, Ms. Rashi Agarwal,
Advocates i/b Manilal Kher Ambalal & Co. for the Respondent.
CORAM : Justice J. P. Devadhar, Presiding Officer
Dr. C. K. G. Nair, Member
Per : Justice J. P. Devadhar (Oral)
Misc. Application No. 57 of 2018 :
1.By this Misc. application the appellant seeks condonation of 1 days delay in filing the appeal. For the reasons stated in the misc. application, delay is condoned. Misc. application is disposed of accordingly.
Appeal No. 60 of 2018 :
1. This appeal is filed to challenge the communication issued by the National Stock Exchange of India Ltd. ('NSE' for short) on December 27, 2016. By the said communication fine of Rs. 6,37,471/- has been imposed on the appellant.2
2. In view of the grievance made by the appellant that the said fine is imposed without assigning any reason and the representations made by the appellant have not been considered, counsel for NSE on instruction states that NSE is ready and willing to reconsider the case of the appellant and pass fresh order within two weeks from today. Statement made by counsel for NSE is accepted.
3. Accordingly, impugned communication dated December 27, 2016 is allowed to be withdrawn with liberty to pass fresh order within two weeks from today.
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 16.03.2018 Prepared & Compared by PTM