SUNIL S. DANGI Vs. SECURITIES AND EXCHANGE BOARD OF INDIA
SECURITIES APPELLATE TRIBUNAL
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N.K.Sodhi, Presiding Officer (Oral) -
(1.) THIS appeal is directed against the order dated July 19, 2011 passed by the whole time member affirming the ad -interim ex -parte order issued,
among others, against the appellant. By the ex -parte order dated December
(2.) , 2010, the appellant had been restrained from accessing the securities market and further prohibited from buying, selling or dealing in
securities in any manner till further directions. The investigations are
still going on. It will not be appropriate for us to express our views on
any of the issues now sought to be raised in this appeal lest they
prejudice the case of either party.
2. During the course of the hearing, the learned senior counsel for the appellant states that his client is willing to furnish an undertaking in
writing to the respondent Board that he shall not trade or deal in
securities pending further orders in the proceedings before the Board. If
such an undertaking is furnished within a week from today, the direction
issued to the appellant by the ex -parte order and affirmed by the
impugned order shall stand vacated. This course is being adopted having
regard to the peculiar facts and circumstances of the present case and
also taking note of the fact that the appellant before us is a
professional Chartered Accountant engaged in his profession. The Board is
directed to conclude the investigations expeditiously but not later than
December 31, 2011. It is made clear that the furnishing of the
undertaking and the acceptance thereof by the respondent Board shall be
without prejudice to the rights of the parties.
The appeal stands disposed of as above with no order as to costs.;
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