Classic Global Finance & Capital Ltd. vs Sebi

DATE : 10.02.2017

Appeal No. 170 of 2016

Classic Global Finance & Capital Ltd. Office No. 8, IInd Floor, Sodhi Complex, Miller Gang, Opp. Ramgarhia School, Ludhiana, Punjab - 141003. ..... Appellant

Versus

Securities & Exchange Board of India SEBI Bhavan, Plot No. C-4A, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. ...... Respondent

Ms. Shreya Parekh, Advocate with Mr. Amit B. Dey, Advocate, Mr. Niralimuhhi, Company Secretary, i/b Mindspright Legal for the Appellant. Mr. Rajesh Nagori, Advocate with Mr. Anubhav Ghosh, Advocate i/b The Law Point 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.

This appeal is filed to challenge the order passed by Adjudicating

officer ('AO' for short) of Securities and Exchange Board of India ('SEBI'

for short) on March 9, 2016 whereby maximum penalty of ` 1 crore is

imposed on the appellant under Section 15C of SEBI Act.

2. It is not in dispute that in the impugned order, the AO has applied

Section 15C as it stood prior to its amendment on September 8, 2014, when

in fact the AO ought to have applied Section 15C as amended with effect

from September 8, 2014. Moreover, the impugned order is an ex-parte

order.

2

3. In these circumstances, the impugned order is quashed and set aside

and restored to the file of the AO for passing fresh order on merits and in

accordance with law after giving an opportunity of personal hearing to the

appellant.

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

Sd/-

Dr. C. K. G. Nair Member

10.02.2017 Prepared & Compared by PTM