Akg Securities & Consultancy Ltd. vs Sebi

Date of Decision : 22.03.2016

Appeal No. 318 of 2014

AKG Securities & Consultancy Ltd. 3776/309 Nirman Market, NS Marg, Daria Ganj, New Delhi - 110 002. ...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. Rishika Harish, Advocate with Mr. Amit Dey, Advocate for the Appellant.

Mr. Kumar Desai, Advocate with Mr. Tomu Francis, Advocate for the Respondent.

CORAM : Justice J.P. Devadhar, Presiding Officer Jog Singh, Member

Per : J.P. Devadhar (Oral)

1.

This appeal is filed to challenge the order passed by the Adjudicating

Officer of Securities and Exchange Board of India ('SEBI' for short) on

June 30, 2014 whereby penalty of Rs. 10 lac is imposed upon the appellant

u/s 15HA of the SEBI Act, 1992.

2. It is not in dispute that the impugned order is an ex-parte order.

Counsel for SEBI submitted that inspite of notice, the appellant failed to

appear for personal hearing and hence the ex-parte order is passed. 2

3. It is not in dispute that in similar circumstances, the Adjudicating

Officer of SEBI in assessee's own case has held that the charges do not

stand established. However, the said decision has not been considered while

passing the order impugned in the present appeal.

4. In this view of the matter the impugned order dated June 30, 2014 is

quashed and set aside and the matter is restored to the file of the

Adjudicating Officer of SEBI for passing fresh order on merits and in

accordance with law. All contentions of both parties are kept open.

5. Appeal is disposed of in the above terms with no order as to costs.

Sd/-

Justice J.P. Devadhar Presiding Officer

Sd/-

Jog Singh Member

22.03.2016 Prepared and compared by:

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