RAJESH V JANI Vs. SECURITIES AND EXCHANGE BOARD OF INDIA
SECURITIES APPELLATE TRIBUNAL
Click here to view full judgement.
N.K.Sodhi, Presiding Officer (Oral) -
(1.) BY our order dated April 15, 2010 we disposed of the main appeal with a direction to the respondent Board to conclude the on going
investigations before July 31, 2010. We are informed that the
investigations have concluded and that the respondent is in the process
of analyzing the investigation report for the purpose of taking further
action in the matter. We had declined to interfere with the interim order
passed by the whole time member debarring several entities including the
appellant from accessing the securities market pending investigations.
The present application has been filed with a prayer that the appeal be
restored to its original number and heard and disposed of on merits since
the respondent Board has not so far taken any further action against the
applicant / appellant. It is pointed out that by an ex parte order dated
April 28, 2009 the appellant, among others, had been debarred from
accessing the securities market till further orders and that order had
been confirmed by the impugned order. The grievance of the applicant is
that he has remained out of the market for the last more than 16 months
and no action is being taken by the respondent Board.
(2.) WE have heard the learned counsel for the parties for some time and having regard to the role allegedly played by the appellant as disclosed
in the impugned order and also taking note of the fact that the appellant
has remained out of the securities market for the last more than 16
months, we are inclined to stay qua the appellant the operation of the
order dated January 28, 2010 by which the ex parte order dated April 28,
2009 had been confirmed. We order accordingly. It is made clear that the order that we have passed shall be without prejudice to the rights of the
respondent Board to proceed further in the matter and shall not be taken
as an expression of our opinion on the merits of the case. The rights and
contentions of both the sides shall also remain open. Our order dated
April 15, 2010 disposing of the main appeal shall stand modified
Copyright © Regent Computronics Pvt.Ltd.