Arohan Trustee Company Private Limited vs Sebi
- CitationAppeal No. 335 of 2015
Ratio decidendi
The rule this decision rests on
The impugned order, having been passed ex parte, is quashed and set aside, and the matter is restored to the file of the Whole Time Member for fresh adjudication on merits and in accordance with law, the parties' contentions being kept open, in light of the Apex Court's ruling that the appellant in the parallel matter was entitled to raise all contentions before SEBI.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date of Decision : 22.03.2016
Appeal No. 335 of 2015
Arohan Trustee Company Private Limited 603A, Dheeraj Heritage Residence 1, E2 Linking Road, Shastri Nagar, Santacruz (West), Mumbai - 400 054. ...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
Mr. J.J. Bhatt, Senior Advocate with Mr. Somasekhar Sundaresan, Mr. Paras Parekh and Mr. Dhaval Kothari, Advocates for the Appellant.
Mr. Vikram Nankani, Senior 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 Whole Time
Member ('WTM' for short) of Securities and Exchange Board of India
('SEBI' for short) on April 21, 2015.
2. It is not in dispute that the impugned order is an ex-parte order.
Moreover, this Tribunal in the case of Osian's Connoisseurs of Art Pvt. Ltd.
vs. Securities and Exchange Board of India (Appeal No. 62 of 2013 decided
on October 13, 2015) has considered the issues similar to the issues raised in
the present appeal and remanded the matter on certain issues for 2
reconsideration. On appeal, the Apex Court by its order dated January 15,
2016 has held that the appellant therein is entitled to raise all contentions
before SEBI.
3. In these circumstances, the order impugned in the appeal is quashed
and set aside and matter is restored to the file of WTM of SEBI for passing
fresh order on merits and in accordance with law. All contentions of both
parties are kept open.
4. 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:
msb
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