M/S Kim Infrastructure & Developers ... vs Sebi

Date of Decision : 23.01.2015

M/s KIM Infrastructure & Developers Ltd. 1311-A, Hemkunt House, 6, Rajendra place, New Delhi - 110 008. ...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. Gaurav Joshi, Senior Advocate with Mr. Kazan Shroff, Advocate i/b Keshav Borhade for the Appellant.

Mr. Kumar Desai, Advocate with Mr. Rushin Kapadia and Ms. Shruti Chiniwar, Advocates i/b K Ashar & Co. for the Respondent.

CORAM : Justice J.P. Devadhar, Presiding Officer Jog Singh, Member A.S. Lamba, Member

Per : J.P. Devadhar (Oral)

1.

The appellant is aggrieved by the impugned communication dated

February 14, 2014 whereby SEBI has informed the appellant that the

application filed by the appellant on June 24, 2013 seeking registration as

Collective Investment Management Company under SEBI (Collective

Investment Schemes) Regulation, 1999 ('1999 Regulations') has been

rejected by the competent authority.

2

2. Apart from challenging aforesaid communication on merits, counsel

for appellant submits that the competent authority has rejected the

application without hearing the appellant which is in violation of regulation

12(1) of 1999 Regulation. Moreover, order of the competent authority has

not been furnished to the appellant. Counsel for SEBI fairly states that the

appellant was not heard in the matter.

3. In these circumstances, we deem it proper to set aside the impugned

communication dated February 14, 2014 and direct SEBI to pass fresh order

on merits and in accordance with law after giving personal hearing to the

appellant.

4. Accordingly, impugned communication dated February 14, 2014 is

quashed and set aside and SEBI is directed to pass fresh order on merits and

in accordance with law after giving personal hearing to the appellant and

taking into consideration the scope and ambit of Regulation 74A of 1999

Regulation, as expeditiously as possible and in any event within a period of

three months from today. All contentions on both sides are kept open.

5. 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/-

A.S. Lamba Member

23.01.2015 Prepared and compared by:

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