Mr. Saswat Sahoo vs Sebi

Date of Decision : 16.06.2016

Appeal No. 84 of 2016

Mr. Saswat Sahoo 18-B, Brabourne Road, Kolkata, W.B. - 700 001. ...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. Prateik Parija, Advocate i/b Probus Legal for the Appellant.

Mr. Tomu Francis, Advocate for the Respondent.

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

Per : J.P. Devadhar (Oral)

1.

Appellant is aggrieved by the order passed by the Whole Time Member

('WTM' for short) of Securities and Exchange Board of India ('SEBI' for

short) on December 10, 2015. By the said order AM Fund Managers Limited

and its directors and promoters including the appellant are directed not to

access the securities market by issuing prospectus, offer documents or

advertisement soliciting money from the public till the expiry of 4 years from

the date of completion of refunds to investors as set out in the impugned order.

2. Grievance of the appellant is that he was not a promoter of AM Fund

Managers Limited at any time and therefore no order could be passed against

the appellant. It is submitted that the appellant was only a salaried employee

and since the notice was sent to a wrong address, the appellant could not be

heard in the matter.

2

3. As the impugned order qua the appellant is an ex-parte order, counsel

for SEBI submits that in the light of the order passed by this Tribunal in case of

Bimal Kumar Jha vs. Securities and Exchange Board of India (Appeal No. 527

of 2015 decided on February 23, 2016) the impugned order be quashed and set

aside qua the appellant and restored to the file of WTM of SEBI for passing

fresh order on merits and in accordance with law. Counsel for the appellant

states that the notice may be issued to the appellant on the address given in the

cause title to the memo of appeal.

4. In the result, for the reasons set out in our order in case of Bimal Kumar

Jha (supra), we quash and set aside the impugned order dated December 10,

2015 qua the appellant and restore the matter to the file of WTM of SEBI for

passing fresh order on merits and in accordance with law.

5. Appeal is disposed in the above terms with no order as to costs.

Sd/-

Justice J.P. Devadhar Presiding Officer

Sd/-

Dr. C.K.G. Nair Member

16.06.2016 Prepared and compared by:

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