HARIJAY INDUSTRIES LTD Vs. ADJUDICATING & ENQUIRY OFFICER SECURITIES & EXCHANGE BOARD OF INDIA
SECURITIES APPELLATE TRIBUNAL
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(1.) THE Appellant, claiming to be aggrieved by the order dated 14.8.2002 made by the Respondent filed the present appeal praying to set aside the order. THE Appellant had also prayed for interim order staying the operation of the impugned order till the appeal is finally disposed of. However vide application dated 22.10.2002, the Appellant informed the Tribunal that it was not pressing its prayer for interim order for the time being. By the impugned order, the adjudicating officer appointed by the Securities and Exchange Board of India (SEBI), after enquiry held the Appellant guilty of violation of regulations 6(2), 6(4) and 8(3) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and consequently imposed a sum of one lakh fifty thousand rupees as monetary penalty on the Appellant.
(2.) The appeal was filed on 29.10.2002. The Respondent filed its reply on 9.12.2002. It is noted from the appeal papers filed by the Appellant that it had authorized one Shri D.A. Gadgil to appear and plead for and on behalf of the Appellant before the Tribunal in the present appeal.
In response to the notice dated 19.12.2002 from the Tribunal posting the appeal for hearing on 6.3.2003 at 11.00 AM, Shri D.A. Gadgil vide his letter dated 5.3.2003 requested to adjourn the matter on the ground that he was going out of town on 6.3.2003 "for an urgent meeting". The Tribunal adjourned the matter to 2.5.2003. On 30th April, 2003, Tribunal received a fax message from the Appellant as under:
" Sub: Adjournment of hearing to be held on 2nd May, 2003 of Harijay Industries Ltd.
With reference to the captioned subject matter we request you to kindly adjourn the hearing to be held on 2nd May, 2003 since the person authorized on behalf of the company to appear before the Appellate Tribunal is out of station on leave and therefore cannot attend the hearing proceedings at the above appointed date. We therefore request you to kindly adjourn the hearing for a suitable date. Kindly do the needful and oblige."
(3.) THE Tribunal adjourned the matter again to 11.7.2003 at 2.30 p.m. Notice notifying the adjournment was issued by registered post to the Appellant. In the said notice it was made clear that no further adjournment will be granted.;
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