Mrs. Anupama Motwani And Anr. vs Sebi

BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Date of Decision: 17/01/2018

Misc. Application No.355 of 2017 And Appeal No.389 of 2017

1.

Mrs. Anupama Motwani 39, Mysore Colony, Anik Village, Mahul Road, Chembur, Mumbai - 400 074.

2. Mrs. Rita Motwani 39, Mysore Colony, Anik Village, Mahul Road, Chembur, Mumbai - 400 074. ... Appellants

Versus

Securities and Exchange Board of India SEBI Bhavan, Plot No.C4-A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051. ... Respondent

Mr. J.J. Bhatt a/w Ms. Rinku Valanju and Ms. Hiral Shah, Advocates i/b R.V. Legal for Appellants.

Mr. Aditya Mehta a/w Mr. Chirag Bhavsar, Advocates i/b MDP & Partners for the Respondent.

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

Per : Justice J.P. Devadhar (Oral)

MISC. APPLICATION NO.355 OF 2017:

1. There is delay of 603 days in filing this appeal. For the reasons stated

in the Misc. Application No.355 of 2017 the delay is condoned. The Misc.

Application is disposed of accordingly.

2 APPEAL NO.389 OF 2017:

2. Appellants are aggrieved by the recovery proceedings initiated by the

Recovery Officer ("RO" for short) of Securities and Exchange Board of India

("SEBI" for short) on 21st March, 2016. Admittedly, appellants have appeared

before the RO of SEBI on several occasions and the RO is yet to consider the

plea of the appellants and pass appropriate order. In these circumstances,

proper course for the appellants is to wait till the RO passes appropriate order

on their submissions and not to pursue the present appeal.

3. 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 17/01/2018 prepared & compared by-dg