Mr. Balvir Singh vs Sebi
- CitationAppeal No. 1026 of 2022
Ratio decidendi
The rule this decision rests on
Where an adjudicating officer's order is passed without a show cause notice and without a hearing because summons were served at the wrong address, and the same defect was held in an earlier decision of the Tribunal to amount to a denial of any opportunity to the party, the impugned order cannot be sustained and is liable to be quashed, the matter being remitted for a fresh order after service of a show cause notice and grant of a hearing in accordance with law.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date of Decision : 04.01.2023
Misc. Application No. 1527 of 2022 And Misc. Application No. 1528 of 2022 And Misc. Application No. 1721 of 2022 And Appeal No. 1026 of 2022
Mr. Balvir Singh Flat No.401, Tower No.12, Royal Estate, Ambala Road, Zirakpur, Mohali - 140 603. .....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. Sharad Bansal, Advocate with Mr. Sumit Agrawal, Mr. Pratham Darad, Ms. Krithika Kataria, Mr. Tarun Toprani and Mr. Abhay Chauhan, Advocates i/b of Regstreet Law Advisors for the Appellant.
Mr. Pradeep Sancheti, Senior Advocate with Mr. Ravishekhar Pandey, Mr. Nishit Dhruva and Ms. Shefali Shankar, Advocates i/b. MDP & Partners for the Respondent.
CORAM : Justice Tarun Agarwala, Presiding Officer Ms. Meera Swarup, Technical Member
Per : Justice Tarun Agarwala, Presiding Officer (Oral) 2
1.
We have heard the learned counsel for the parties. The
present appeal has been filed against the order dated February
22, 2022 passed by the Adjudicating Officer ('AO' for short)
of the Securities and Exchange Board of India ('SEBI' for
short). The sole contention raised by learned counsel for the
appellant is that the entire proceedings was ex parte as no
show cause notice was served nor any opportunity was given.
It was contended that the summons were served at the wrong
address. In this regard we find that in another matter before
the Whole Time Member ('WTM' for short) a similar
situation had arisen and notice was served at the wrong
address. This Tribunal in Appeal no. 168 of 2022, Sri Balvir
Singh vs SEBI, decided on May 31, 2022 held that the notice
was served at the wrong address and therefore no opportunity
was given to the appellant.
2. The said decision is squarely applicable in the instant
case.
3. In view of the aforesaid, the impugned order cannot be
sustained and is quashed. The appeal is allowed. The matter is
remitted to AO to pass a fresh order in accordance with law 3
after serving the show cause notice and after giving an
opportunity of hearing.
4. In this regard the appellant shall appear before the AO
on January 20, 2023 on which date the AO will serve a show
cause notice to the appellant and the matter will proceed from
their onwards in accordance with law. All the miscellaneous
applications are disposed of. In the circumstances of the case,
parties shall bear their own costs.
5. This order will be digitally signed by the Private
Secretary on behalf of the bench and all concerned parties are
directed to act on the digitally signed copy of this order.
Certified copy of this order is also available from the Registry
on payment of usual charges.
Justice Tarun Agarwala Presiding Officer
Ms. Meera Swarup MADHUK Technical Member 04.01.2023 AR Digitally signed by MADHUKAR
msb SHAMRA SHAMRAO BHALBAR Date: 2023.01.06 O 16:56:12 +05'30'
BHALBAR
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