Nidhi Goel vs Sebi

Date of Decision : 17.2.2017

Misc. Application No.299 of 2016 And Appeal No.348 of 2016

Nidhi Goel, I 115 Kirti Nagar, 2nd Floor, New Delhi - 110 0015. ..... Appellant

Versus

Securities & Exchange Board of India SEBI Bhavan, C-4A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051. ...... Respondent

Mr. V.M. Singh, Advocate i/b. Dinesh Kumar Jain for the Appellant.

Mr. Aditya Mehta, Advocate with Mr. Pulkit Sukhramani, Advocate i/b. The Law Point for the Respondent.

CORAM : Jog Singh, Member Dr. C.K.G. Nair, Member

Per : Jog Singh (Oral)

Misc. Application No.299 of 2016

There is a delay of 50 days in filing this appeal. For the reasons stated

in the Misc. Application No.299 of 2016 the delay is condoned. The Misc.

Application is disposed of accordingly.

Appeal No.348 of 2016

1.

The appeal is preferred against the confirmatory order dated June

14, 2016 by which the learned Whole Time Member of Securities and

Exchange Board of India ('SEBI' for short) confirmed the ad-interim ex-

parte order dated June 29, 2015 read with the corrigendum dated January 4,

2016. Since the confirmatory order is passed without hearing the appellant,

the learned counsel for the Respondent fairly submits that the matter will be 2

reconsidered by the WTM of SEBI after giving an opportunity of hearing to

the appellant as per law.

2. In these circumstances, the impugned order dated June 14, 2016 qua

the appellant is quashed and set aside with a direction to the WTM of SEBI

to pass fresh order in accordance with law after hearing the appellant. The

appellant undertakes to file a representation within 3 weeks and the learned

WTM shall reconsider the matter as expeditiously as possible and not

beyond a period of 3 months.

3. All contentions of both the parties are kept open.

4. Appeal stand disposed of in the above said terms with no order as to

costs.

Sd/-

Jog Singh Member

Sd/-

Dr. C.K.G.Nair Member

17.2.2017 Prepared and compared by RHN