Rekha Bhandari vs Sebi

Date of Decision : 12.01.2018

Misc. Application No. 4 of 2018 And Appeal No. 2 of 2018

Mrs. Rekha Bhandari Mr. Sunil Bhandari B-301, Wembley Estate, Opp. Rose Wood City, Sector 49-50, Gurgaon, Haryana - 122001. ...Appellants

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. Saurabh Bachhawat, Advocate with Mr. Manoj Jain, Chartered Accountant i/b Sarda Soni & Associates for the Appellant.

Mr. S.P. Bharti, Advocate with Mr. Tomu Francis and Mr. Vivek Shah, Advocates 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. 4 of 2018:-

There is delay of 2484 days in filing the appeal. By Miscellaneous

application applicant seeks condonation of the said delay. For the reasons

stated in the Misc. Application, delay is condoned. Miscellaneous

Application is disposed of accordingly. 2

Appeal No. 2 of 2018:-

1.

This appeal is filed to challenge the ex parte ad interim order passed

by the Whole Time Member ('WTM' for short) of Securities and Exchange

Board of India ('SEBI' for short) on February 2, 2011.

2. In view of the grievance made by the appellant that the impugned

order is passed without issuing show cause notice and without giving an

opportunity of hearing counsel for SEBI on instruction states that the WTM

of SEBI would pass fresh order by treating the ex parte ad interim order

dated February 2, 2011 as show cause notice.

3. Accordingly, the impugned order is quashed qua the appellant and

SEBI is directed to pass fresh order as expeditiously as possible after giving

an opportunity of hearing to the appellant.

4. Appeal is disposed of in the aforesaid 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 12.01.2018 Prepared and compared by: msb