Sunny Mirchandani vs Sebi
- CitationAppeal No.340 of 2016
Ratio decidendi
The rule this decision rests on
Once a confirmatory order has been passed by the competent authority, an appeal against the earlier ex-parte ad-interim order does not survive and becomes infructuous; the proper remedy for the appellant is to challenge the confirmatory order.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Date : 30/11/2016
Appeal No.340 of 2016
Sunny Mirchandani R 649, Rajinder Nagar, New Delhi - 110 060. ... Appellant
Versus
Securities and Exchange Board of India SEBI Bhavan, Plot No.C-4A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051. ... Respondent
WITH Appeal No.341 of 2016
Monesh Israni D-968, New Friends Colony, New Delhi - 110 065. ... Appellant
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. Deepak Shah, Advocate for the Appellants.
Mr. Kumar Desai a/w Mr. Tomu Francis and Ms. Bhavya Bhandari, 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)
1.
In these two appeals, appellants are challenging the ex-parte ad-interim
order of the Whole Time Member ('WTM' for short) of Securities and
Exchange Board of India ('SEBI' for short) on 8th May, 2015.
2 2. Counsel for SEBI states that on 22nd August, 2016, confirmatory order
has been passed by the WTM of SEBI and the same has been served upon the
appellants on 1st September, 2016.
3. In view of the confirmatory order, both the appeals have become
infructuous. However, Counsel for the appellants seek time to take
instructions as he has not seen the confirmatory order.
4. We see no reason to grant an adjournment in the matter. Once
confirmatory order is passed, challenge to the ex-parte ad-interim order does
not survive. The proper course for the appellants is to challenge the
confirmatory order, if so advised.
5. Since both the appeals have become infructuous, both the appeals are
dismissed with no order as to costs.
Sd/-
Justice J.P. Devadhar Presiding Officer
Sd/-
Jog Singh Member
Sd/-
Dr. C.K.G. Nair Member 30/11/2016 Prepared & compared by-ddg
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