Mongal Bhattacharjee vs Sebi
- CitationAppeal No. 101 of 2018
Ratio decidendi
The rule this decision rests on
The impugned order of the Whole Time Member, passed without hearing the affected party, cannot stand against that party; the party is entitled to a show cause notice and a hearing before any order on the merits is passed against it, and an attachment levied in implementation of an order passed without such hearing falls with that order.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date of Decision: 08.06.2018
Misc. Application No. 92 of 2018 And Appeal No. 101 of 2018
Mongal Bhattacharjee 277/1 Jawpur Road, South Dum Dum Muncipality, 24 Parganas (North), Kolkata- 700 074 ...Appellant
Versus
1.
Securities and Exchange Board of India (SEBI) SEBI Bhavan, Plot No. C-4A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai- 400 051 and Eastern Regional Office At L&T Chambers, 3rd Floor, 16, Camac Street, Kolkata- 700 017
2. Recovery Officer & Deputy General Manager, Recovery Cell, SEBI, Eastern Regional Officer, L&T Chambers, 3rd Floor, 16 Camac Street, Kolkata- 700 017 ...Respondents
Mr. Devasis Mitra, Advocate i/b Fox Mandal Partners for the Appellant.
Mr. Santanu Mitra, Advocate with Mr. Anubhav Ghosh, Advocate i/b Desai & Diwanji for Respondents.
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 2
India ("SEBI" for short) on 08.10.2015 and the attachment levied
pursuant thereto.
2. In view of the fact that the impugned order is passed without
hearing the appellant, counsel for SEBI on instruction fairly states that
the impugned order dated 08.10.2015 be quashed and set aside qua the
appellant with liberty to the WTM of SEBI to pass fresh order on merits
after hearing the appellant. Accordingly, the impugned order dated
08.10.2015 is quashed and set aside qua the appellant with direction to
the WTM of SEBI to issue show cause notice to the appellant and
thereafter pass fresh order on merits and in accordance with law.
3. In view of the above, attachment levied in implementation of the
impugned order dated 08.10.2015 does not survive and is accordingly
vacated.
4. Appeal as also the Misc. Application No. 92 0f 2018 are disposed
of accordingly with no order as to costs.
Sd/-
Justice J.P. Devadhar Presiding Officer
Sd/-
Dr. C.K.G. Nair Member 08.06.2018 Prepared & Compared By: PK
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