A G Agri Mart Pvt. Ltd. vs Sebi
- CitationAppeal No. 109 of 2019
Ratio decidendi
The rule this decision rests on
The impugned order, insofar as it relates to the appellant, is quashed because the controversy is squarely covered by the Tribunal's earlier decision in North End Foods Marketing Pvt. Ltd. v. SEBI (Appeal No. 80 of 2019 and companion appeals, decided 12.03.2019), which this bench treats as binding on the identical question. Where the appellant has been denied a hearing before the Whole Time Member, the appropriate course is to remit the matter for the appellant to file objections within a fixed time and to be heard, with any interim order to be passed only thereafter and in accordance with law.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date of Decision: 08.04.2019
Appeal No. 109 of 2019
A G Agri Mart Pvt. Ltd. 3873/12, 2nd Floor, Kanhaiya Nagar, Tri Nagar Delhi- 110 035 ...Appellant
Versus
Securities and Exchange Board of India, SEBI Bhavan, Plot No. C-4A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051 ...Respondent
Ms. Gulnar Mistry, Advocate with Mrs. Nidhi Singh, Advocate i/b Vidhi Partners for the Appellant.
Mr. J. P. Sen Senior Advocate with Mr. Anubhav Ghosh and Ms. Vidhi Jhawar, Advocate i/b The Law Point for the Respondent.
CORAM: Justice Tarun Agarwala, Presiding Officer Dr. C.K.G. Nair, Member Justice M. T. Joshi, Judicial Member
Per: Justice Tarun Agarwala (Oral)
1.
The controversy involved in the present appeal is squarely
covered by the decision of this Tribunal in North End Foods 2
Marketing Pvt. Ltd. and Anr. V/s Securities and Exchange
Board of India in Appeal No. 80 of 2019 and companion
appeals decided on 12.03.2019. In the light of the aforesaid, the
impugned order in so far as it relates to the appellant is quashed
and the appeal is allowed.
2. We direct the appellant to file their objections before the
Whole Time Member of Securities and Exchange Board of
India on or before April 30, 2019. The respondent will provide
the appellant an opportunity of hearing and thereafter if the
respondent finds that an interim is required to be passed in the
order to protect the securities market, it will pass such orders in
accordance with law.
Sd/-
Justice Tarun Agarwala Presiding Officer
Sd/-
Dr. C.K.G. Nair Member
Sd/-
Justice M. T. Joshi Judicial Member 08.04.2019 Prepared & Compared By: PK
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