Securities Appellate Tribunal
Sahara India Real Estate Corporation ... vs Sebi on 4 February, 2014
Author: J. P. Devadhar
Bench: J. P. Devadhar
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Misc. Application No. 133 of 2013
And
Appeal No. 206 of 2013
Date of decision: 04.02.2014
1.Sahara India Real Estate Corporation Ltd. (formerly also known as Sahara India "C" Junxion Corporation Ltd.) 1, Kapoorthala Complex, Aliganj, Lucknow - 226 024.
2. Sahara Housing and Investment Corporation Ltd.
Sahara India Point, CTS, 40 & 44, S. V. Road, Goregaon (W), Mumbai 400 014.
3. Mr. Ashok Roy Choudhary Sahara India House New Hyderabad Colony, Lucknow - 220 007, Uttar Pradesh.
4. Mr. Ravi Shankar Dubey 14/32, Yaman, Sahara Estate, Jankipuram, Lucknow, Uttar Pradesh - 226 021.
5. Smt. Vandana Bhargava B-48, J- Park, Mahanagar, Lucknow, Uttar Pradesh - 226 006.
6. Shri Subrata Roy Sahara Sahara Shahar, Vipul Khand, Gomti Nagar, Lucknow, Uttar Pradesh. ..... Appellants Versus Securities and Exchange Board of India SEBI Bhavan, Plot No. C-4A, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. ...... Respondent Mr. Gaurav Joshi, Advocate with Mr. Jatin Pore, Mr. Parag Khandhar, Ms. Ankita Agrawal, Advocates for the Appellants. Mr. D. J. Khambata, Senior Advocate with Mr. Mihir Mody, Advocate for the Respondent.
CORAM : Justice J. P. Devadhar, Presiding Officer A. S. Lamba, Member 2 Per : Justice J. P. Devadhar (Oral) Appellants are aggrieved by communication dated October 25, 2013 whereby adjudicating officer of SEBI had fixed hearing of show cause notice dated March 28, 2013 on November 22, 2013. In view of pendency of this appeal, hearing of the show cause notice has been adjourned from time to time. Show cause notice dated March 28, 2013 was issued to the appellants by the adjudicating officer on account of non compliance of summons and failure to comply directions contained in final order of Whole Time Member of SEBI dated June 23, 2011 which is admittedly approved by this Tribunal on October 18, 2011 and also by the Apex Court on October 31, 2012 with slight modifications.
2. It appears that after Apex Court's order dated October 31, 2012, various proceedings have been initiated before the Apex Court in relation to order dated October 31, 2012 and those proceedings are pending. In one such proceedings, Apex Court on July 17, 2013 has passed an order, interalia, stating thus :-
"we make it clear that no High Court, Securities Appellate Tribunal and any other Forum shall pass any orders against the orders passed by Securities and Exchange Board of India (SEBI) in implementation of this Court's judgment dated 31.08.2012."
3. Impugned communication dated October 25, 2013 has been issued by adjudicating officer to adjudicate show cause notice dated March 28, 2013 which was issued to implement order passed on June 23, 2011 and order of Apex Court dated October 31, 2012. In view of Apex Court's order dated July 17, 2013, in our opinion, this Tribunal cannot entertain appeal filed by the appellants to challenge the communication dated October 25, 2013 which is directly connected with implementation of Apex Court's order dated October 31, 2012.
4. Although counsel for appellants sought to contend that the restrictions set out in the Apex Court's order dated July 17, 2013 would not apply to present 3 proceedings on various grounds, in our opinion, it would be wholly improper on our part to entertain such arguments as it would amount to contravening Apex Court's order dated July 17, 2013. Fact that an application has been moved by appellants before the Apex Court seeking appropriate order and the same is pending cannot be a ground to entertain the present appeal. When this appeal was taken up for admission on the last occasion, we had made it clear that on the adjourned date if there is no clarificationary order, no further adjournment would be granted. Counsel for appellants furnished a copy of Apex Court's order dated January 28, 2014 to show that the application filed by appellants is fixed for hearing by Apex Court on February 11, 2014 alongwith other matters. From the order of Apex Court dated January 28, 2014, it is seen that appellants did not press for any clarification on that day and the said application has been simply adjourned along with other matters.
5. In these circumstances, without going into merits, we dispose of the appeal as not maintainable in view of Apex Court's order dated July 17, 2013, with liberty to the appellants to move this Tribunal, if any clarificationary order is passed by Apex Court.
6. Appeal is disposed of accordingly, with no order as to costs.
Sd/-
Justice J. P. Devadhar Presiding Officer Sd/-
A. S. Lamba Member 04.02.2014 Prepared & Compared by PTM