Order in the matter of Ex Director Mr. Harshad Talati of Shukla Data Technics Limited
- Order No.WTM/RKA/OIAE/49/2013
Ratio decidendi
The rule this decision rests on
Where a person was made subject to restraint directions solely in his capacity as a director of a company, and documentary material establishes that he resigned that office before the directions were issued, the continuation of those directions against him is not in the interest of justice, and the Board may revoke them in exercise of its powers under Section 19 of the SEBI Act read with Sections 11(4)(b) and 11B.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
WTM/RKA/OIAE/49/2013 BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA CORAM: RAJEEV KUMAR AGARWAL, WHOLE TIME MEMBER ORDER In respect of Ex Director Mr. Harshad Talati of Shukla Data Technics Limited 1. The Securities and Exchange Board of India (hereinafter referred to as 'SEBI'), vide Order no. WTM/RKA/OIAE/13/2012 dated April 13, 2012, restrained M/s. Shukla Data Technics Limited (hereinafter referred to as the 'Company') and its directors, from accessing the securities market and prohibited them from buying, selling or otherwise dealing in securities, directly or indirectly, till all the pending investor grievances against the said Company are resolved and the same is reported to and confirmed by SEBI. The said direction was issued as it was found that the Company had failed to redress pending investor grievances. 2. Mr. Harshad Talati, Ex-director of the company in his letter dated November 25, 2013 has mentioned that he has resigned from the company on June, 29, 1996 and in support of the same he has submitted (a) copy of the resignation letter accepted by the chairman of the company, (b) copy of Form 32 issued by the Registrar of Companies, Maharashtra (c) copy of the Annual Report for the period 1996-97 mentioning that Mr. Talati has resigned from the Board of the company. Therefore, it would be in the interest of justice to discontinue the directions issued against the Mr. Harshad Talati, Ex-Director of the company, vide Order dated April 13, 2012. 3. In view of the above, I, in exercise of the powers conferred upon me under Section 19 of the Securities and Exchange Board of India Act, 1992 read with Sections 11(4)(b) and 11B thereof, hereby revoke the directions issued against the Ex-Director Mr. Harshad Talati of M/s. Shukla Data Technics Limited (having its registered office at C-18, Everest, Tardeo Main Road, Mumbai – 400034, Maharashtra), vide Order dated April 13, 2012. 4. Copies of this Order shall also be served on the stock exchanges and depositories to enable them to take necessary steps for ensuring due compliance with this Order.
RAJEEV KUMAR AGARWAL DATE: DECEMBER 03, 2013 WHOLE TIME MEMBER PLACE: MUMBAI SECURITIES AND EXCHANGE BOARD OF INDIA
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