MICRO MANAGEMENT LIMITED Vs. WHOLE TIME MEMBER,
SECURITIES APPELLATE TRIBUNAL
Click here to view full judgement.
N.K.Sodhi, Presiding Officer (Oral) -
(1.) THIS order will dispose of three Appeals no. 156, 157 and 169 of 2011 all
of which are directed against a common order dated July 19, 2011 passed
by the whole time member of the Securities and Exchange Board of India
(for short the Board) confirming the ad -interim ex -parte order dated
December 2, 2010 by which the appellants, among others, had been
restrained from accessing the securities market and were prohibited from
buying, selling or dealing in securities till further directions.
Admittedly, the investigations in the matter are still on and the Board
has found that the scrip of five companies had been manipulated and that
a large number of entities had joined hands together in the manipulation.
The learned counsel appearing for the appellants contends that his
clients are similarly situated to the two entities referred to in para
28(b) of the impugned order against whom the ad -interim directions have been revoked. Counsel for the parties have taken us through the impugned
order and also the ad -interim ex -parte order which was treated as a show
cause notice against the entities. Since the investigations are still
pending it may not be appropriate for us to examine the merits of the
contentions now sought to be urged before us. We are informed that the
investigations are in progress. In this view of the matter, we dispose of
the appeal with a direction to the Board to conclude the investigations
expeditiously and, in any case, before the end of this year. It will be
open to the Board to proceed against different entities on the basis of
the findings recorded in the investigations. No costs.;
Copyright © Regent Computronics Pvt.Ltd.