Kesar Petro Products Ltd. vs Sebi
- CitationAppeal No.74 of 2016
Ratio decidendi
The rule this decision rests on
This order is a disposal on consent with liberty to make a representation; it lays down no principle of law. The Tribunal does not reason about the minimum public shareholding requirement under Rule 19(2)(b) or Rule 19A of the Securities Contracts (Regulation) Act, 1957 beyond recording the appellant's compliance, and it fixes a procedural timeline for SEBI rather than deciding any contested question. NO_RATIO: The appeal is disposed of by consent with liberty to make a representation and no reasoning on any legal question is given in the text.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date of Decision : 14.6.2017
Appeal No.74 of 2016
Kesar Petro Products Ltd. D-7/1, Midc Industrial Area Lote Parshuram, Ratnagiri - 415722, Maharashtra ..... 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. Neville Lashkari, Advocate with Ms. Yaasmin Godrej, Advocate i/b. Crawford Bayley & Co. for the Appellant.
Mr. Kumar Desai, Advocate with Mr. Tomu Francis and Mr. Vivek Shah, Advocate for the Respondent.
CORAM : Justice J.P. Devadhar, Presiding Officer Jog Singh, Member Dr. C.K.G. Nair, Member
Per : J.P. Devadhar (Oral)
1.
The appellant is aggrieved by the confirmatory order passed by the
Whole Time Member ('WTM' for short) of Securities and Exchange Board
of India ('SEBI' for short) on 11th January, 2016. By the said order,
directions contained in the interim order passed against various entities
including the appellant on 4th June, 2013 have been continued until further
orders.
2. Aforesaid directions were issued against the appellant, because the
appellant had failed to comply with the minimum public shareholding
requirement as stipulated under Rule 19(2)(b) and 19A of the Securities
Contracts (Regulation) Act, 1957. 2
3. Counsel for the appellant states that the appellant has now
complied with the minimum public shareholding requirement and therefore,
the directions contained in the impugned orders be vacated forthwith.
4. In these circumstances, we permit the appellant to make a
representation to SEBI within one week from today, setting out in detail the
mode and manner in which the minimum public shareholding requirement
has been achieved. If such a representation is made within one week from
today, then SEBI shall consider the same and pass appropriate order there
on as it deems fit and proper as expeditiously as possible and in any event
within 3 months from the date of receiving the representation from the
appellant.
5. Appeal is disposed of in the aforesaid 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
14.6.2017 Prepared and compared by RHN
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