Manba Investments & Securities Pvt. ... vs Sebi
- CitationAppeal No. 243 of 2016
Ratio decidendi
The rule this decision rests on
The impugned penalty order of the Adjudicating Officer dated April 25, 2014 is set aside as against the appellants, and the matter is restored to the Adjudicating Officer for a fresh decision on merits and in accordance with law, the basis being that the Adjudicating Officer had failed to consider the decision of SEBI in the Bajaj Group and Bachawat Group cases, the same ground on which the Tribunal had quashed the order against co-appellants in parallel appeals.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date of Decision : 04.10.2016
Appeal No. 243 of 2016
1.
Manba Investments & Securities Pvt. Ltd. (MISPL)
2. Manba Broking Services Pvt. Ltd. (MBSPL)
306 & 324, Runwal Heights, LBS Marg, Opp. NIrmal Lifestyle, Mulund (West) Mumbai - 400 080. ...Appellants
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. Prakash Shah, Advocate for the Appellant.
Mr. Kumar Desai, Advocate with Mr. Mihir Mody and Mr. Saurabh Bachhawat, Advocate i/b K Ashar & Co. 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. This appeal is filed to challenge the order passed by the Adjudicating
Officer ('AO' for short) of Securities and Exchange Board of India ('SEBI'
for short) on April 25, 2014 whereby penalty of ` 50 Lakh is imposed on
each of the appellants under section 15 HA of the SEBI Act, 1992.
2. Counsel for the parties state that this Tribunal in Appeal No. 240 of
2014 (Rikhav Brokers Pvt. Ltd. vs Securities and Exchange Board of India)
and Appeal No. 241 of 2014 (AHL Investment Consultants Pvt. Ltd. vs 2
Securities and Exchange Board of India) has quashed the impugned order
dated April 25, 2014 qua the appellants therein on August 10, 2016,
inter alia, on the ground that the AO of SEBI has failed to consider the
decision of SEBI in case of the Bajaj Group and Bachawat Group. It is
submitted that for the same reason the impugned order be quashed against
the appellants and remanded for fresh decision on merits and in accordance
with law.
3. Accordingly, we set aside the impugned order qua the appellants
herein and restore the matter to the file of AO of SEBI for passing fresh
order on merits and in accordance with law. Appellants are directed to
submit to SEBI fresh statement of accounts for the relevant period.
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
04.10.2016 Prepared and compared by:
msb
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