PRAKASH K SHAH SHARES & SECURITIES PVT LTD Vs. SECURITIES AND EXCHANGE BOARD OF INDIA
SECURITIES APPELLATE TRIBUNAL
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(1.) THE present appeal is directed against the Respondent's order dated 22.7.2002. By the said order the certificate of registration granted to Shri Prakash K. Shah, Member Bombay Stock Exchange (BSE) was suspended for a period of 3 months with effect from 12.8.2002.
(2.) Shri Pravin Samdani, learned Counsel appearing for the Appellant submitted that Shri Prakash K. Shah, a proprietary concern, was carrying on stock broking business as a member of BSE, that the membership right of Shri Shah was corporatised with effect from 31.12.1997 and as a result the card was transferred to the corporate entity namely M/s. Prakash K. Shah Shares and Securities Pvt. Ltd. He submitted that as on the date of the impugned order it was the said company which was carrying on the stock broking business and not Shri Shah as mentioned in the order, that therefore the order need be viewed as one directed to the said company and accordingly the appeal also be considered as the one filed by the company. He submitted that he is not taking any technical stand holding that since Shri Shah is no longer holding a certificate of registration and as such there is no question of suspending the same, that he is ready to accept that the order is directed to the corporate entity and requested to modify the title of the appeal by substituting the Appellant's name as "Prakash K. Shah Shares and Securities Pvt. Ltd." in the place of 'Prakash K. Shah'. It is noted that the Respondent has also filed an application dated 21.1.2003 in this regard requesting to take on record the correct factual position as stated therein that:
"............. in the impugned order the name of Shri Prakash K. Shah was inadvertently mentioned instead of Prakash K. Shah Shares and Securities Pvt. Ltd., a corporate member of The Stock Exchange, Mumbai, whose certificate of registration has been suspended for a period of 3 months and not against Shri Prakash K. Shah. The above mistake was submitted (admitted ?) before this Hon'ble Tribunal on January 08, 2003, at the time of hearing the appeal. Accordingly as directed, SEBI issued a corrigendum dated January 11, 2003 to inform all those concerned that the name of Shri Prakash K. Shah was inadvertently mentioned instead of Prakash K. Shah Shares and Securities Pvt. Ltd.,"
The Respondent has filed alongwith the application a copy of the said corrigendum dated 11.1.2003 stating the factual position mentioned in its application.
(3.) TAKING into consideration the position admitted by the parties, the prayer to amend the title of the appeal is granted. The title of the appeal stands modified by substituting the Appellant's name "Shri Prakash K. Shah" by "Prakash K. Shah Shares and Securities Pvt. Ltd".;
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