First Financial Services Ltd. vs Sebi
- CitationAppeal No.61 of 2015
Ratio decidendi
The rule this decision rests on
The Securities Appellate Tribunal may, while disposing of an appeal against an ex-parte ad-interim order, direct the Whole Time Member of SEBI to pass the final order within a fixed period where the appellant is seriously prejudiced by the continuance of the restraint order and the hearing has already been concluded, in order to prevent prolonged prejudice from an interim restraint pending the final determination.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date of decision : 10/03/2015
Appeal No.61 of 2015
First Financial Services Ltd. A, 109, 1st Floor, Sanpada, Navi Mumbai - 400 705. ... Appellant
Versus
Securities and Exchange Board of India SEBI Bhavan, Plot No.C-4A, "G" Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051. ... Respondent
Mr. Vinay Chauhan, Advocate for the Appellant.
Mr. J. P. Sen, Senior Advocate a/w Mr. Rushin Kapadia, Advocate i/b K.Ashar & Co. for the Respondent.
CORAM : Justice J.P. Devadhar, Presiding Officer Jog Singh, Member A. S. Lamba, Member
Per : Justice J.P. Devadhar (Oral)
1.
This appeal is filed to challenge the ex-parte ad-interim Order passed
by Whole Time Member of Securities and Exchange Board of India on 19th
December, 2014. Admittedly, subsequent to the filing of this appeal, the
Whole Time Member of Securities and Exchange Board of India (for short
"WTM of SEBI") has heard the Appellant on 24/2/2015 on the question as to
whether the impugned order deserves to be continued any further in view of
the explanation given by the Appellant. -2-
2. Counsel for SEBI on instruction states that the hearing before the WTM
of SEBI was concluded on 24/2/2015 and it would take 8-10 weeks for passing
the final order.
3. Since serious prejudice is caused to the Appellant on account of the
restraint order passed against the Appellant and two weeks has already
expired from the date of concluding the hearing, we direct the WTM of SEBI
to pass the final order as expeditiously as possible and in any event within a
period of six weeks from today.
4. Appeal is disposed of in above terms with no order as to costs.
Sd/-
Justice J.P. Devadhar Presiding Officer
Sd/-
Jog Singh Member
Sd/-
A.S. Lamba Member 10/03/2015 Prepared & compared by-ddg
This page reproduces a public judgment and a summary of it. It is research material, not legal advice, and it is no substitute for advice from an advocate on your own facts.
Research this judgment with Miss Lucy
Ask what it holds, what has followed it, and what it means for your matter — in plain English, with the citations.
Try Miss Lucy free