Manojkumar Singhal vs Sebi

BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Date of Decision: 07/03/2018

Appeal No.312 of 2016

Manojkumar Singhal D-56, Arya Samaj Road, Uttamnagar, New Delhi. ... Appellant

Versus

The Whole Time Member Securities and Exchange Board of India Plot No.C4-A, 'G' Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. ... Respondent

Mr. Varun Nathani, Advocate i/b Ms. Kirti Kothari, PCS for the Appellant.

Mr. Aditya Chitale a/w Mr. Pulkit Sukhramani and Ms. Vidhi Jhawar, Advocates i/b The Law Point for the Respondent.

CORAM : Justice J.P. Devadhar, Presiding Officer Dr. C.K.G. Nair, Member

Per : Justice J.P. Devadhar (Oral)

1.

This appeal is filed to challenge the order passed by the Whole

Time Member ("WTM" for short) of Securities and Exchange Board of

India ("SEBI" for short) on 2nd June, 2016. It is not in dispute that the

submissions made by the appellant are neither recorded nor considered

in the impugned order. In these circumstances, in our opinion, the

impugned order dated 2nd June, 2016 deserves to be quashed and set

aside qua the appellant and restored for fresh decision. 2

2. Accordingly, the impugned order dated 2nd June, 2016 is quashed

and set aside qua the appellant and the matter is restored to the file of

the WTM of SEBI for passing fresh order on merits and in accordance

with law.

3. 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 07/03/2018 prepared & compared by-dg