Reliance Commodities Ltd vs Sebi
- CitationAppeal No.173 of 2019
Ratio decidendi
The rule this decision rests on
A party seeking inspection of documents in advance of replying to a show cause notice must show that the documents are material to the preparation of an appropriate reply; a request that amounts to a roving and fishing enquiry is not a basis for inspection. Where the adjudicating or disposing authority relies on a document in deciding the matter, that document must be made available to the party against whom it is relied upon.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date of Decision: 23.7.2019
Misc. Application No.189 of 2019 And Appeal No.173 of 2019
Reliance Commodities Ltd. Reliance Centre, 4th Floor, North Wing Off Western Express Highway Santa Cruz (East), Mumbai - 400055. ... Appellant
Versus
1.
National Commodity & Derivatives Exchange Ltd. Ackruti Corporate Park, 1st Floor, Near G.E. Garden, L.B.S. Road, Kanjurmarg (West), Mumbai - 400078.
2. Securities and Exchange Board of India SEBI Bhavan, Bandra Kurla Complex, Mumbai-400051. ... Respondents
Mr. P.N. Modi, Senior Advocate with Mr. Ravichandra Hegde, Ms. Kalpana Desai and Mr. Robin Shah, Advocates i/b. Farooqui Mohammed Khalid for the Appellants.
Mr. Mahaveer Rajguru, Advocate i/b. Regstreet Law Advisors for the Respondent no.1.
Mr. Vishal Kanade, Advocate with Mr. Mihir Mody and Mr. Sushant Yadav, Advocates i/b. K. Ashar & Co. for the Respondent no.2.
2
CORAM: Justice Tarun Agarwala, Presiding Officer Dr. C.K.G. Nair, Member Justice M.T. Joshi, Judicial Member
Per : Justice Tarun Agarwala (Oral)
1. We have heard the learned counsel for the parties. An
application dated 3rd September, 2018 was filed praying for
inspection of documents on the ground that it will have a
material bearing for the purpose of filing the reply to the show
cause notice. The said application was rejected by a
communication dated 10th September, 2018 passed by National
Commodity & Derivatives Exchange Ltd. The contention of the
appellant is, that these documents are necessary for the purpose
of filing an appropriate reply to the show cause notice.
2. Having heard the learned counsel for the parties and
having perused the list of documents so required for inspection
we are of the opinion that the documents sought for is nothing
but a roving and fishing enquiry. We accordingly do not find
any merit in the submission of the learned counsel for the
appellant that these documents are essential for the purpose of
filing an appropriate reply.
3
3. However, we are of the opinion that if any document is
relied by the respondent while disposing of the matter such
document should be made available to the appellant. The
appeal is accordingly disposed of. Misc. Application No.189 of
2019 is also disposed of.
Sd/-
Justice Tarun Agarwala Presiding Officer
Sd/-
Dr. C. K. G. Nair Member
Sd/-
Justice M.T. Joshi Judicial Member
23.7.2019 Prepared and compared by RHN
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