Jik Industries Ltd. vs Sebi
- CitationAppeal No. 60 of 2018
Ratio decidendi
The rule this decision rests on
The appeal is disposed of on the basis of the respondent's undertaking to reconsider and pass a fresh order, the impugned communication being allowed to be withdrawn; no reasoning on the merits of the fine or on the sufficiency of reasons is articulated by the Tribunal.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
DATE : 16.03.2018
Misc. Application No. 57 of 2018 And Appeal No. 60 of 2018
JIK Industries Ltd. Balkum, Pada No. 3, Thane, Maharashtra 400608. ..... Appellant
Versus
National Stock Exchange of India Ltd. Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. ... Respondent
Mr. Paras Parekh, Advocate with Ms. Stuti Shah, Advocate i/b K. R. Parekh & Co. for the Appellant. Mr. Rashid Boatwalla, Advocate with Mr. Rahul Jain, Ms. Rashi Agarwal, Advocates i/b Manilal Kher Ambalal & Co. for the Respondent.
CORAM : Justice J. P. Devadhar, Presiding Officer Dr. C. K. G. Nair, Member
Per : Justice J. P. Devadhar (Oral)
Misc. Application No. 57 of 2018 :
1.
By this Misc. application the appellant seeks condonation of 1 days
delay in filing the appeal. For the reasons stated in the misc. application,
delay is condoned. Misc. application is disposed of accordingly.
Appeal No. 60 of 2018 :
1. This appeal is filed to challenge the communication issued by the
National Stock Exchange of India Ltd. ('NSE' for short) on December 27,
2016. By the said communication fine of Rs. 6,37,471/- has been imposed
on the appellant.
2
2. In view of the grievance made by the appellant that the said fine is
imposed without assigning any reason and the representations made by the
appellant have not been considered, counsel for NSE on instruction states
that NSE is ready and willing to reconsider the case of the appellant and
pass fresh order within two weeks from today. Statement made by counsel
for NSE is accepted.
3. Accordingly, impugned communication dated December 27, 2016 is
allowed to be withdrawn with liberty to pass fresh order within two weeks
from today.
4. Appeal is disposed of in the aforesaid terms with no order as to costs.
Sd/-
Justice J. P. Devadhar Presiding Officer
Sd/-
Dr. C. K. G. Nair Member 16.03.2018 Prepared & Compared by PTM
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