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Ashok Dayabhai Shah v/s Securities and Exchange Board of India SEBI Bhavan & Others

    Misc. Application Nos. 877, 878 of 2021 In Appeal No. 428 of 2019

    Decided On, 24 August 2021

    At, SEBI Securities amp Exchange Board of India Securities Appellate Tribunal

    By, THE HONOURABLE MR. JUSTICE TARUN AGARWALA
    By, PRESIDING OFFICER & THE HONOURABLE MR. JUSTICE M.T. JOSHI
    By, JUDICIAL MEMBER

    For the Appearing Parties: Gaurav Joshi, Senior Advocate, Piyush Raheja, Arti Raghvan, Pulkit Sukhramani, Vidhi Jhawar, i/b J. Sagar Associates, Shiraz Rustomjee, Senior Advocate, Jai Chhabria, Mihir Mody, Arnav Misra, Mayur Jaisingh, Advocates i/b K. Ashar & Co., R2, Venkatesh Dhond, Senior Advocate, Ameya Gokhale, Vaibhav Singh, Radhika Indapurkar, i/b Shardul Amarchand Mangaldas & Co., R3, Darius Khambata, Senior Advocate, Shikha Tandon, Shreya Som, Rohan Banerjee, Gazal Rawal, G. Khyati, Dwijesh Kapila i/b Cyril Amarchand Mangaldas, R4, Zal Andhyarujina, Shikha Tandon, Shreya Som, Rohan Banerjee, Gazal Rawal, Sonu Tandon, Gyanendra Kumar, Shikha Tandon, Shreya Som, Rohan Banerjee, Gazal Rawal, Kaushik Chatterjee, Rashid Boatwalla, Aditya Vyas, i/b Manilal Kher Ambalal & Co., Advocates.



Judgment Text

Tarun Agarwala, Presiding OfficerOral:

1. Since the miscellaneous application is taken up, the urgency application filed by the applicant is disposed of.

2. In Appeal no. 428 of 2019 we had passed an order dated November 14, 2019 directing the appellant to file a consolidated representation within four weeks which SEBI would decide thereafter within a period of six weeks. It transpires that SEBI filed a Civil Appeal before the Supreme Court of India pressing for a limited relief, namely, to expunge certain observations made in paragraph 20 of our order dated November 14, 2019. The Hon’ble Supreme Court by an order of January 27, 2020 diluted the observation made in paragraph 20 of our order and further granted four months time to SEBI to complete the investigation and pass an appropriate order. Subsequently, the time was extended by the Supreme Court on July 6, 2020.

3. According to the appellant their complaint remains undisposed of and number of reminders were sent to SEBI but no communication was given by them.

4. According to SEBI the order of the Tribunal has merged with the order of the Supreme Court and SEBI has complied with the directions of the Supreme Court and compliance affidavit dated December 28, 2020 has been filed before the Supreme Court of India.

5. The learned senior counsel for the appellant contended that the order of the Tribunal was clear and explicit, namely, that the representation of the appellant was required to be decided by a reasoned and speaking order which till date has not been complied with.

6. On this the learned senior counsel for the SEBI contended that a reasoned and speaking order would be communicated to the appellant within four weeks from today.

7. In view of the aforesaid, without going into the question as to whether the order of this Tribunal has merged with the order of the Supreme Court, we dispose of the application directing SEBI to pass a reasoned and speaking order on the complaint of the appellant on or before September 30, 2021. The miscellaneous application stands disposed of.

8. The present matter was heard through video conference due to Covid-19 pandemic. At this stage it is not possible to sign a copy of this order nor a certified copy of this order could be issued by the registry. In these circums

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tances, 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. Parties will act on production of a digitally signed copy sent by fax and/or email.
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