Soumen Ghosh vs Sebi
- CitationAppeal No.313 of 2017
Ratio decidendi
The rule this decision rests on
The impugned order of the Whole Time Member, having been passed without hearing the appellant, is quashed and set aside insofar as it concerns the appellant, and the matter is remitted to the Whole Time Member for a fresh decision on merits after affording the appellant a hearing, with attachment of the appellant's bank account to stand vacated pending that decision.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Date of Decision : 18.12.2017
Misc. Application No.289 of 2017 And Appeal No.313 of 2017
Soumen Ghosh 201, Digra Road, P.O. Saradapally, P.S. Bhadreswar, District: Hooghly, Pin:712124. ..... Appellant
Versus
1.
Mr. Prashant Saran Learned Whole Time Member Securities & Exchange Board of India SEBI, Eastern Regional Office, L&T Chambers, 3rd Floor, 16 Camac Street, Kolkata - 700017.
2. Manjesh S. Roy Recovery Officer Recovery Cell, SEBI, Eastern Regional Office, L&T Chambers, 3rd Floor, 16 Camac Street, Kolkata - 700017.
...... Respondents
3. Prasad Jagadale Adjudicating Officer Securities & Exchange Board of India SEBI Bhawan, Plot No. C-4A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400051.
Mr. Devasis Mitra, Advocate i/b. Nitindra Mohan Mukherjee for the Appellant.
Mr. Pulkit Sukhramani, Advocate i/b The Law Point for the Respondents .
CORAM : Justice J.P. Devadhar, Presiding Officer Dr. C.K.G.Nair, Member
Per : Justice J.P. Devadhar (Oral)
1. This appeal is filed to challenge the order passed by the Whole Time
Member ('WTM') of Securities and Exchange Board of India ('SEBI' for
short) on July 9, 2013.
2 2. In view of the fact that the impugned order is passed without hearing
the appellant, counsel for SEBI, on instruction states that the impugned
order dated July 9, 2013 be quashed and set aside qua the appellant with
liberty to the WTM of SEBI to pass fresh order on merits after hearing the
appellant. Accordingly, the impugned order dated July 9, 2013 is quashed
and set aside qua the appellant with direction to the WTM of SEBI to pass
fresh order on merits and in accordance with law.
3. In view of the above, attachment levied on the bank account of the
appellant shall stand vacated forthwith.
4. Appeal as also the Misc. Application are disposed of in the aforesaid
terms with no order as to costs.
Sd/-
Justice J. P. Devadhar Presiding Officer
Sd/-
Dr. C.K.G.Nair Member
18.12.2017 Prepared and compared by RHN
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