Birla Corporation Ltd. vs Sebi on 7 November, 2014

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Securities Appellate Tribunal

Birla Corporation Ltd. vs Sebi on 7 November, 2014

Bench: J. P. Devadhar

BEFORE THE SECURITIES APPELLATE TRIBUNAL
                 MUMBAI

                                 Appeal No. 127 of 2013

                                 Date of decision: 07.11.2014


Birla Corporation Ltd.
Birla Building (3rd & 4th Floors),
9/1, R. N. Mukherjee Road,
Kolkata - 700 001.                                   ..... Appellant

                     Versus

1.

Securities and Exchange Board of India SEBI Bhavan, Plot No. C-4A, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051.

2. Birla Education Trust Birla Building 9/1, R. N. Mukherjee Road, 7th Floor, Kolkata - 700 001.

3. Adventz Securities Trading Pvt. Ltd. Hongkong House, 31, B.B.D. Bagh(s), Kolkata - 700 001.

4. Britex India Ltd.

Hindustan Times House, 10th Floor, 18-20, Kasturba Gandhi Marg, New Delhi - 110 001.

5. Adventz Investments & Holdings Ltd. Hongkong House, 31, B.B.D. Bagh(s), Kolkata - 700 001.

6. Adventz Securities Enterprises Ltd. Hongkong House, 31, B.B.D. Bagh(s), Kolkata - 700 001.

7. Govind Promoters Pvt. Ltd. Continental Chambers, 15A, Hemanta Basu Sarani, 4th Floor, Kolkata - 700 001.

8. Merlin Securities Pvt. Ltd. 2, Garstin Place, Gr. Flr, Kolkata - 700 001.

9. Lifecycle Infotech Pvt. Ltd. B- 301, Yashwant Shopping Centre, Carter Road, Borivali East Mumbai - 400 066.

10. G. K. Trading Pvt. Ltd.

B- 314, Yashwant Shopping Centre, Carter Road, Borivali East Mumbai - 400 066.

11. Mr. Anil Goyal C-2601, Oberoi Garden, Thakur Village, Off. W. E. Highway, Kandivali (E), Mumbai - 400 101.

12. Brijmohan Sagarmal Capital Services Pvt. Ltd.

203, Unique Towers, Gaiwadi, Off. S. V. Road, Goregaon (West), Mumbai - 400 062. ...... Respondents Mr. Darius Khambatta, Senior Advocate with Ms. Naira Variava, Mr. Pradeep Bakhru, Mr. Neel D'souza, Advocates for the Appellant.

Mr. Shiraz Rustomjee, Senior Advocate with Mr. Manish Acharya, Advocate for the Respondent No. 1.

Mr. Janak Dwarkadas, Senior Advocate with Mr. Ankit Lohia, Mr. Abhay Jadeja, Mr. Pradeep Mane, Advocates for the Respondents No. 2 to 7.

Mr. Vinay Chauhan, Advocate with Mr. Prashant Ingle, Mr. Apurv Gupta, Advocates for the Respondent No. 8.

Mr. Kumar Desai, Advocate with Ms. Mamta Patil, Advocate for the Respondents No. 9 to 11.

Mr. Joby Mathew, Advocate for the Respondent No. 12.

CORAM : Justice J. P. Devadhar, Presiding Officer Jog Singh, Member A. S. Lamba, Member Per : Justice J. P. Devadhar (Oral)

1. This appeal is filed to challenge the communication of SEBI dated April 15, 2013 whereby complaint filed by the appellant has been dismissed.

2. After matter was argued for some time counsel for the respondent no. 1 states that in view of the grievance of the appellant that the impugned communication does not contain detailed reasons, impugned order be set aside with liberty to SEBI to consider merits of the complaint filed by the appellant and pass fresh on merits and in accordance with law.

Accordingly, the impugned order dated April 15, 2013 is quashed and set aside and the matter is restored to the file of SEBI with a direction to consider merits of the complaint filed by the appellant and pass fresh order on merits and in accordance with law as expeditiously as possible.

3. Appeal is disposed of in above terms with no order as to costs.

Sd/-

Justice J. P. Devadhar Presiding Officer Sd/-

Jog Singh Member Sd/-

A. S. Lamba Member 07.11.2014 Prepared & Compared by PTM

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