Shri Manharbhai Vallabhai Vaghani And ... vs Sebi
- CitationAppeal No. 241 of 2016
Ratio decidendi
The rule this decision rests on
The Tribunal condones a 35-day delay in filing the appeal where the appellant's application gives reasons for the delay, and the delay is accordingly condoned. Where the appellant confines its prayer against an ex parte ad-interim order to permission to sell shares and deposit the proceeds in an escrow account, and the regulator entertains similar claims from other parties, the appeal may be disposed of by directing the appellant to apply to the regulator within one week, with a direction that the regulator consider that application on merits and pass an appropriate order expeditiously.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
DATE : 30.09.2016
Misc. Application No. 188 of 2016 And Appeal No. 241 of 2016
1.
Shri Manharbhai Vallabhai Vaghani Plot No. 252, Street No. 5, Vijayrajnagar, Bhavnagar - 364003.
2. Shri Mahesh Vallabhbhai Vaghani Plot No. 252, Street No. 5, Vijayrajnagar, Bhavnagar - 364003.
3. Shri Haresh Bhikabhai Vaghani Plot No. 251, Street No. 5, Vijayrajnagar, Bhavnagar - 364003.
4. Shri Sanjay Bhikabhai Vaghani 901/902, Gokul Namiella, Dadabhai Road, Nr. Gokalibai School, Vile Parle (West), Mumbai - 400 056. ..... Appellants
Versus
Securities and Exchange Board of India SEBI Bhavan, Plot No. C-4A, G-Block, Bandra Kurla Complex, Mumbai - 400 051. ...... Respondent
Mr. Rajesh Khandelwal, Advocate with Mrs. Poonam Gadkari, Advocate i/b Juris Matrix for the Appellants. Mr. Vikram Nankani, Senior Advocate with Mr. Pulkit Sukhramani, Advocate i/b The Law Point 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) 2
Misc. Application No. 188 of 2016
1. By this misc. application appellant seeks condonation of 35 days
delay in filing this appeal. For the reasons stated in the application delay is
condoned. Accordingly, misc. application is disposed of.
Appeal No. 241 of 2016 1. Although, this appeal is filed to challenge the ex-parte ad-interim
order dated June 1, 2016, counsel for the appellant's restricts his prayer in
seeking permission to sell the shares in the demat accounts of the appellants
and deposit the sale proceeds in an escrow account. Since similar claims
made by other parties are entertained by SEBI, counsel for the appellants
are permitted to make an application before SEBI and if such an application
is made within one week from today, SEBI shall consider the said
application on merits and pass appropriate order as expeditiously as
possible.
2. 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 30.09.2016 Prepared & Compared by PTM
This page reproduces a public judgment and a summary of it. It is research material, not legal advice, and it is no substitute for advice from an advocate on your own facts.
Research this judgment with Miss Lucy
Ask what it holds, what has followed it, and what it means for your matter — in plain English, with the citations.
Try Miss Lucy free