Vivek Saran Vs. Sebi & Ors. vs Sebi

Date of Decision: 17.07.2023

Misc. Application No. 634 of 2023 And Appeal No. 613 of 2023

Vivek Saran Chitvan, 6/25, E-4 Parvati Bagla Road, Kanpur- 208 001 ...Appellant

Versus

1.

Securities and Exchange Board of India, SEBI Bhavan, Plot No. C-4A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai- 400 051

2. ION Exchange (India) Ltd.

Ion House, Dr. E. Moses Road, Mahalaxmi, Mumbai- 400 011 (India)

3. M/s TSR Consultants Private Limited C-101, 1st Floor, 247 Park, L.B.S. Marg Vikhroli (West), Mumbai- 400 083

4. IEI Shareholding (Cultural Activities)- 1994 Trust No. 1, Ion House, Dr. E. Moses Road, Mahalaxmi, Mumbai- 400 011 (India) ...Respondents

Mr. Prashant Trivedi, Advocate for the Appellant.

Mr. Sumit Rai, Advocate with Mr. Manish Chhangani, Ms. Samreen Fatima, Mr. Sumit Yadav and Mr. Abhay Chauhan, Advocates i/b The Law Point for Respondent-SEBI. 2

CORAM: Justice Tarun Agarwala, Presiding Officer Ms. Meera Swarup, Technical Member

Per: Justice Tarun Agarwala, Presiding Officer (Oral)

1. The present appeal has been filed against the

communication dated April 06, 2023 issued by the respondents

disposing of the complaint on the SCORES platform. There is

an application seeking exemption to file the certified copy of the

impugned order. The exemption application is allowed.

2. The facts leading to the filing of the present appeal is, that

the appellant contends that he had bought shares of ION

Exchange (India) Limited. He applied for conversion of 122

physical shares into dematerialized shares before Respondent

No. 1. The appellant was informed by the Company that these

122 shares are already existing in the name of Respondent No. 4

and, therefore, declined to dematerialize the shares. The

appellant thereafter raised a complaint before the Stock

Exchange and thereafter to the Securities and Exchange Board

of India on the SCORES platform. The said complaint was

disposed off by the impugned order.

3. Having heard the learned counsel for the parties, we are of

the opinion that the dispute is a private dispute between the 3

appellant and the Company Respondent No. 2 and the entity to

whom the shares have been transferred, namely, Respondent

No. 4. This is a private dispute which can only be resolved in a

suit. Since no SEBI laws have been violated nor have been

shown to have been violated, we are of the opinion that SEBI

was justified in disposing off the complaints on the SCORES

platform.

4. We do not find any manifest error in the impugned order.

The appeal fails and is dismissed.

5. This order will be digitally signed by the Private

Secretary on behalf of the bench and all concerned parties are

directed to act on the digitally signed copy of this order.

Certified copy of this order is also available from the Registry

on payment of usual charges.

Justice Tarun Agarwala Presiding Officer

Ms. Meera Swarup Technical Member

17.07.2023 PRERNA Digitally by PRERNA signed

PK MANISH MANISH KHARE Date: 2023.07.19 KHARE 10:47:06 +05'30'