Best Bull Stock Trading Pvt. Ltd. vs Sebi
- CitationAppeal No. 51 of 2016
Ratio decidendi
The rule this decision rests on
The Tribunal quashes the ex-parte ad-interim order against the appellant solely on the basis that the reasons given in its earlier orders in Guiness Securities Limited and Aryav Securities Pvt. Ltd. apply equally here, and the order gives no independent reasoning of its own. Such a disposal rests entirely on another decision without stating what that decision held, so no ratio can be extracted from this text. NO_RATIO: the judgment disposes of the appeal by adopting the reasons of two other Tribunal orders without setting out any reasoning of its own, and the principle relied upon is not stated in this text.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date of Decision: 09.03.2016
Appeal No. 51 of 2016
Best Bull Stock Trading Pvt. Ltd. 6/79, W.E.A., Padam Singh Road, Karol Bagh, New Delhi- 110 005 ...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. Prakash Shah, Advocate for the Appellant.
Mr. Pulkit Sukhramani, Advocate i/b The Law Point for the Respondent.
CORAM: Justice J.P. Devadhar, Presiding Officer
Per: Justice J.P. Devadhar (Oral)
1.
This appeal is filed to challenge the ex-parte ad-interim order
passed by the Whole Time Member ("WTM" for short) of Securities and
Exchange Board of India ("SEBI" for short) on 17.02.2016. By the said
order 22 stock brokers including the appellant herein have been
restrained from buying, selling or dealing in the securities market either
directly or indirectly, in any manner except as a stock broker for their
existing clients in the cash segment. By the said order, the 22 stock
brokers including the appellant are restrained from accepting registration
of any new client until further orders.
2
2. Counsel for the parties fairly state that the reasons set out in the
orders passed by this Tribunal in case of Guiness Securities Limited
(Appeal No. 13 of 2016 decided on 25.02.2016) and the case of Aryav
Securities Pvt. Ltd. (Appeal No. 45 of 2016 decided on 04.03.2016) for
quashing the impugned order dated 17.02.2016 qua the appellants therein
would squarely covered to the case of the appellant herein.
3. Accordingly, for the reasons stated in the aforesaid orders of this
Tribunal dated 25.02.2016 and 04.03.2016, the ex-parte ad-interim order
of SEBI dated 17.02.2016 is quashed and set aside qua the appellant
herein.
4. It is made clear that quashing of the impugned order qua the
appellant herein would not come into way of the SEBI to initiate
proceedings against the appellant in accordance with law and pass
appropriate order thereon as it deems fit.
5. Appeal is disposed of in the above terms with no order as to costs.
Sd/-
Justice J.P. Devadhar Presiding Officer
09.03.2016 Prepared & Compared By: PK
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