SUNIL S. DANGI Vs. SECURITIES AND EXCHANGE BOARD OF INDIA
LAWS(SB)-2011-10-2
SECURITIES APPELLATE TRIBUNAL
Decided on October 14,2011

Appellant
VERSUS
Respondents

JUDGEMENT

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.;


Click here to view full judgement.
Copyright © Regent Computronics Pvt.Ltd.