Akash Harishbhai Desai vs Sebi
- CitationAppeal No.320 of 2017
Ratio decidendi
The rule this decision rests on
The impugned order of the Adjudicating Officer, passed without giving the affected parties an opportunity to file a reply or be heard, cannot stand; an order passed in breach of the requirement of an opportunity of hearing is set aside, and the authority is directed to decide afresh after affording the parties a hearing following their filing of replies within a fixed time.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Date of Decision : 08/11/2017
Appeal No.320 of 2017
Akash Harishbhai Desai C-1, Sonal Apartment, Maruti Nagar, Airport Road, Rajkot - 360 001. ... Appellant
Versus
Securities and Exchange Board of India SEBI Bhavan, Plot No.C4-A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051. ... Respondent
Mr. Pesi Modi, Senior Advocate a/w Kunal Katariya, Ms. Dhanyashree Shah and Ms. Ashita Gulati, Advocates i/b AZB & Partners for the Appellant.
Mr. Pradeep Sancheti, Senior Advocate a/w Mr. Mihir Mody and Mr. Nishant Upadhyay, Advocates i/b K. Ashar & Co. for the Respondent.
CORAM : Justice J.P. Devadhar, Presiding Officer Jog Singh, Member Dr. C.K.G. Nair, Member
Per : Justice J.P. Devadhar (Oral)
1.
Not on board. Taken up by consent of both the parties.
2. This appeal is filed to challenge the order passed by the
Adjudicating Officer ("AO" for short) of Securities and Exchange Board
of India (for short, "SEBI") on 27th October, 2017. 2
3. As it is the case of the appellant that the impugned order is
passed without giving an opportunity to the appellant and other parties
to file their reply and the said order is passed without giving an
opportunity of personal hearing, Counsel for SEBI, on instruction states
that SEBI is ready and willing to pass appropriate order after giving an
opportunity of hearing to the parties provided the parties to the
impugned order file their respective reply within the time stipulated by
this Tribunal.
4. In these circumstances, we set aside the impugned order and
permit the appellant and other parties against whom the impugned
order is passed to submit their reply within three weeks from today.
Thereafter SEBI shall pass fresh order after giving an opportunity of
hearing to all the parties.
5. Appeal is disposed of accordingly with no order as to costs.
Sd/-
Justice J.P. Devadhar Presiding Officer
Sd/-
Jog Singh Member
Sd/-
Dr. C.K.G. Nair Member
08/11/2017 Prepared & compared by-dg
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