w w w . L a w y e r S e r v i c e s . i n



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


Company & Directors' Information:- INDIA SECURITIES LIMITED [Amalgamated] CIN = L99999TN1984PLC075902

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Company & Directors' Information:- N D A SECURITIES LIMITED [Active] CIN = L74899DL1992PLC050366

Company & Directors' Information:- K K SECURITIES LIMITED [Active] CIN = U74899DL1994PLC060238

Company & Directors' Information:- M K SECURITIES LIMITED [Active] CIN = L67120TG1994PLC018455

Company & Directors' Information:- D J SHAH SECURITIES PRIVATE LIMITED [Active] CIN = U67120MH2000PTC123546

Company & Directors' Information:- S B SECURITIES PRIVATE LIMITED [Active] CIN = U67120MH1996PTC098105

Company & Directors' Information:- A TO Z SECURITIES LIMITED [Active] CIN = U74899DL1994PLC063412

Company & Directors' Information:- A TO Z SECURITIES LIMITED [Active] CIN = L74899DL1994PLC063412

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Company & Directors' Information:- P R B SECURITIES PVT LTD [Active] CIN = U67120WB1995PTC067948

Company & Directors' Information:- S S SECURITIES LIMITED [Strike Off] CIN = U67120GJ1994PLC023477

Company & Directors' Information:- A. K. P. SECURITIES PVT. LTD. [Strike Off] CIN = U67120WB1995PTC068061

Company & Directors' Information:- R J SHAH AND COMPANY LIMITED [Active] CIN = L45202MH1957PLC010986

Company & Directors' Information:- W & F SECURITIES PRIVATE LIMITED [Active] CIN = U67120WB1997PTC086188

Company & Directors' Information:- P F I L SECURITIES LIMITED [Active] CIN = U74899DL1995PLC068811

Company & Directors' Information:- S J SECURITIES LIMITED [Active] CIN = L65923GJ1995PLC025086

Company & Directors' Information:- R R SECURITIES LTD [Active] CIN = L67910GJ1993PLC020169

Company & Directors' Information:- K R SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1994PTC059298

Company & Directors' Information:- B. N. SECURITIES LIMITED [Active] CIN = U67120WB1994PLC110809

Company & Directors' Information:- D U SECURITIES PRIVATE LIMITED [Strike Off] CIN = U74899DL1994PTC060800

Company & Directors' Information:- B M SECURITIES LIMITED [Strike Off] CIN = U67120AP1994PLC018732

Company & Directors' Information:- A AND W SECURITIES PRIVATE LIMITED [Active] CIN = U67120DL2005PTC137641

Company & Directors' Information:- H J SECURITIES PRIVATE LIMITED [Active] CIN = U67120MH1998PTC117076

Company & Directors' Information:- J V S SECURITIES PVT LTD [Active] CIN = U67120WB1994PTC066278

Company & Directors' Information:- D H SECURITIES PRIVATE LIMITED [Active] CIN = U67120MH2000PTC123636

Company & Directors' Information:- N E C C SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1991PTC044908

Company & Directors' Information:- V G SECURITIES LIMITED [Strike Off] CIN = U65993TG1995PLC020179

Company & Directors' Information:- N B S SECURITIES PRIVATE LTD [Active] CIN = U65921WB1996PTC079346

Company & Directors' Information:- J B S SECURITIES PVT LTD [Active] CIN = U67120GJ1995PTC026550

Company & Directors' Information:- N P SHAH SECURITIES PRIVATE LIMITED [Converted to LLP] CIN = U67120MH1997PTC110922

Company & Directors' Information:- B J SECURITIES PRIVATE LIMITED [Active] CIN = U67120WB2000PTC092061

Company & Directors' Information:- B D SHAH SECURITIES LIMITED [Active] CIN = U67120MH1997PLC111171

Company & Directors' Information:- L F C SECURITIES PRIVATE LIMITED [Active] CIN = U67120MH2004PTC149792

Company & Directors' Information:- N C D SECURITIES PRIVATE LIMITED [Active] CIN = U67120DL2008PTC182583

Company & Directors' Information:- K T G SECURITIES PRIVATE LIMITED [Active] CIN = U67120DL2006PTC144475

Company & Directors' Information:- SHAH INDIA PVT LTD [Active] CIN = U51909WB1960PTC024535

Company & Directors' Information:- J A K SECURITIES PRIVATE LIMITED [Strike Off] CIN = U99999MH1997PTC111683

Company & Directors' Information:- A N SECURITIES PRIVATE LIMITED [Active] CIN = U65999WB1997PTC084741

Company & Directors' Information:- B AND H SECURITIES PRIVATE LIMITED [Active] CIN = U74999MH1974PTC017380

Company & Directors' Information:- B. B. SHAH PRIVATE LIMITED [Active] CIN = U17117RJ1984PTC002922

Company & Directors' Information:- A G SECURITIES PRIVATE LIMITED [Strike Off] CIN = U65921DL1993PTC052453

Company & Directors' Information:- M N SECURITIES PRIVATE LIMITED [Active] CIN = U67120DL1999PTC102464

Company & Directors' Information:- ASHOK SECURITIES PRIVATE LIMITED [Active] CIN = U67100TG2021PTC152078

Company & Directors' Information:- B P SECURITIES (INDIA) PRIVATE LIMITED [Active] CIN = U67120DL1996PTC077411

Company & Directors' Information:- I M SECURITIES PRIVATE LIMITED [Active] CIN = U67120DL1996PTC077356

Company & Directors' Information:- K L G SECURITIES LIMITED [Active] CIN = U74899DL1993PLC052974

Company & Directors' Information:- K L B SECURITIES PVT LTD [Active] CIN = U67120GJ1995PTC024411

Company & Directors' Information:- V H SECURITIES LIMITED [Active] CIN = U74899DL1995PLC072918

Company & Directors' Information:- R K G SECURITIES LIMITED [Active] CIN = U74899DL1993PLC055457

Company & Directors' Information:- G S SECURITIES LTD [Active] CIN = U67120WB1995PLC073255

Company & Directors' Information:- R K SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1995PTC064716

Company & Directors' Information:- S S G SECURITIES PRIVATE LIMITED [Under Process of Striking Off] CIN = U67120KL1995PTC009473

Company & Directors' Information:- L N SECURITIES PVT LTD [Active] CIN = U65993WB1992PTC057302

Company & Directors' Information:- M D SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1975PTC007928

Company & Directors' Information:- J B SECURITIES LIMITED [Active] CIN = U74899DL1995PLC066637

Company & Directors' Information:- M D K SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67110WB2000PTC092641

Company & Directors' Information:- D M SHAH & COMPANY PVT LTD [Active] CIN = U29244WB1988PTC045183

Company & Directors' Information:- A K D SECURITIES PRIVATE LIMITED [Active] CIN = U67120MH1997PTC112152

Company & Directors' Information:- E-2 SECURITIES PRIVATE LIMITED [Active] CIN = U65921DL1991PTC044031

Company & Directors' Information:- A R P SECURITIES LIMITED [Active] CIN = U67120MP1994PLC008872

Company & Directors' Information:- H P I SECURITIES LIMITED [Strike Off] CIN = U65933HP1996PLC019182

Company & Directors' Information:- N K SECURITIES PVT LTD [Active] CIN = U67120AS1995PTC004333

Company & Directors' Information:- P K J SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1991PTC044706

Company & Directors' Information:- V AND U SECURITIES PRIVATE LIMITED [Active] CIN = U67120GJ1995PTC026131

Company & Directors' Information:- S. D. L SECURITIES LIMITED [Active] CIN = U67120PB1995PLC016810

Company & Directors' Information:- J M SECURITIES PRIVATE LIMITED [Amalgamated] CIN = U67120MH1989PTC050648

Company & Directors' Information:- R G SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1992PTC051476

Company & Directors' Information:- M M SECURITIES LIMITED [Under Process of Striking Off] CIN = U74920BR1995PLC006716

Company & Directors' Information:- R K D K SECURITIES LTD. [Amalgamated] CIN = L67120WB1994PLC063609

Company & Directors' Information:- C B S SECURITIES PVT LTD [Strike Off] CIN = U67120WB1996PTC079679

Company & Directors' Information:- S AND F SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120DL1993PTC054557

Company & Directors' Information:- R. J. SECURITIES PRIVATE LIMITED [Active] CIN = U67120WB2008PTC131387

Company & Directors' Information:- A R S SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1993PTC055638

Company & Directors' Information:- ASHOK AND CO INDIA PVT LTD [Active] CIN = U15549AS1992PTC003756

Company & Directors' Information:- J K BOARD PRIVATE LIMITED [Strike Off] CIN = U20101DL1998PTC094877

Company & Directors' Information:- G V SECURITIES LIMITED [Strike Off] CIN = U67120PB1996PLC017506

Company & Directors' Information:- P G SECURITIES PRIVATE LIMITED [Active] CIN = U67120RJ1995PTC009985

Company & Directors' Information:- B. P. G. SECURITIES LIMITED [Active] CIN = U67120WB1995PLC150785

Company & Directors' Information:- C & S SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120TN1994PTC028091

Company & Directors' Information:- K AND P SECURITIES LIMITED [Strike Off] CIN = U65910MH1995PLC092715

Company & Directors' Information:- A P S SECURITIES LIMITED [Active] CIN = U74899DL1995PLC065809

Company & Directors' Information:- C. M. SHAH AND COMPANY PRIVATE LIMITED [Strike Off] CIN = U74140MH1971PTC015107

Company & Directors' Information:- A J M SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120KL1997PTC011202

Company & Directors' Information:- A & B SECURITIES PRIVATE LIMITED [Strike Off] CIN = U65993TN1995PTC032716

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Company & Directors' Information:- S V SECURITIES PRIVATE LIMITED [Under Process of Striking Off] CIN = U08032BR1995PTC006339

Company & Directors' Information:- G R K SECURITIES PRIVATE LIMITED [Active] CIN = U65923WB1997PTC082582

Company & Directors' Information:- P N SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1995PTC070358

Company & Directors' Information:- G. H. SECURITIES PRIVATE LIMITED [Dissolved] CIN = U67120UP1995PTC018049

Company & Directors' Information:- V R B SECURITIES INDIA PRIVATE LIMITED [Active] CIN = U67120KL2008PTC021718

Company & Directors' Information:- M R T SECURITIES LIMITED [Strike Off] CIN = U67120TZ1995PLC005890

Company & Directors' Information:- S K B SECURITIES LIMITED [Active] CIN = U65999WB1996PLC082316

Company & Directors' Information:- P K D SECURITIES LTD. [Active] CIN = U67120AS1994PLC004240

Company & Directors' Information:- J AND J SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120KL1998PTC012015

Company & Directors' Information:- T K SECURITIES PRIVATE LIMITED [Active] CIN = U67120PB1995PTC016238

Company & Directors' Information:- T M SHAH PRIVATE LIMITED [Strike Off] CIN = U10101UP1966PTC003139

Company & Directors' Information:- A M SECURITIES PRIVATE LIMITED [Active] CIN = U67120KL1997PTC011182

Company & Directors' Information:- T S ASHOK & CO PRIVATE LIMITED [Active] CIN = U45201OR2011PTC012981

Company & Directors' Information:- P K SECURITIES PRIVATE LIMITED [Strike Off] CIN = U74899DL1994PTC061444

Company & Directors' Information:- S B SHAH AND COMPANY PRIVATE LIMITED [Active] CIN = U51496DL1991PTC045040

Company & Directors' Information:- A B SECURITIES PVT LIMITED [Active] CIN = U67120AS1997PTC005177

Company & Directors' Information:- J J SECURITIES LIMITED [Strike Off] CIN = U65993TN1994PLC029598

Company & Directors' Information:- G J SECURITIES PRIVATE LIMITED [Active] CIN = U67120DL1998PTC094843

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Company & Directors' Information:- H B SHAH PRIVATE LIMITED [Active] CIN = U36100MH1947PTC005536

Company & Directors' Information:- P K T SECURITIES PRIVATE LIMITED [Active] CIN = U65921UP1995PTC017797

Company & Directors' Information:- N S V SECURITIES PRIVATE LIMITED [Strike Off] CIN = U74899DL2000PTC105022

Company & Directors' Information:- V 3 SECURITIES PRIVATE LIMITED [Active] CIN = U67120DL2005PTC142034

Company & Directors' Information:- B L K SECURITIES PRIVATE LIMITED [Active] CIN = U67120DL1997PTC087427

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Company & Directors' Information:- B H SECURITIES PRIVATE LIMITED [Active] CIN = U67120DL2003PTC120184

Company & Directors' Information:- ASHOK AND COMPANY PRIVATE LIMITED [Active] CIN = U74899DL1986PTC024382

Company & Directors' Information:- R N SECURITIES PRIVATE LIMITED [Active] CIN = U74900HR2012PTC046023

Company & Directors' Information:- F M SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120KL2009PTC024302

Company & Directors' Information:- U S SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120DL2000PTC104027

Company & Directors' Information:- N I SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120DL2000PTC105518

Company & Directors' Information:- S S V SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120DL2000PTC105232

Company & Directors' Information:- N R. SECURITIES LTD [Strike Off] CIN = U67120CH1995PLC015991

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Company & Directors' Information:- K H SECURITIES PRIVATE LIMITED [Active] CIN = U67120MH2001PTC134169

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Company & Directors' Information:- G. N. SECURITIES LIMITED [Strike Off] CIN = U74140BR2011PLC017311

Company & Directors' Information:- D J SHAH AND CO PRIVATE LIMITED [Active] CIN = U74899DL1987PTC030169

Company & Directors' Information:- T N S SECURITIES PRIVATE LIMITED [Active] CIN = U67120WB1992PTC055839

Company & Directors' Information:- N K K SECURITIES PRIVATE LIMITED [Converted to LLP and Dissolved] CIN = U74899DL1994PTC061405

Company & Directors' Information:- Y K SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1995PTC074083

Company & Directors' Information:- V S K SECURITIES PRIVATE LIMITED [Strike Off] CIN = U74899DL1995PTC069275

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Company & Directors' Information:- P N G SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120MH1995PTC086195

Company & Directors' Information:- R L F SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1995PTC069597

Company & Directors' Information:- SHAH SECURITIES PVT LTD [Strike Off] CIN = U67120MH1992PTC068868

Company & Directors' Information:- J M L SECURITIES LIMITED [Strike Off] CIN = U67110UP2000PLC025628

Company & Directors' Information:- C C SHAH LTD. [Strike Off] CIN = U15421WB2000PLC007659

Company & Directors' Information:- R D S SECURITIES LIMITED [Strike Off] CIN = U65993DL1993PLC053074

Company & Directors' Information:- A P SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1995PTC065651

Company & Directors' Information:- M G SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1994PTC058074

Company & Directors' Information:- U F SECURITIES PRIVATE LIMITED [Strike Off] CIN = U74899DL2000PTC103729

Company & Directors' Information:- C S SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120KL1998PTC012664

Company & Directors' Information:- U B G SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120KL2011PTC028571

Company & Directors' Information:- M M SECURITIES PRIVATE LIMITED [Strike Off] CIN = U74899DL1995PTC066511

Company & Directors' Information:- M N K SECURITIES PRIVATE LIMITED [Active] CIN = U67120MH2001PTC133711

Company & Directors' Information:- A H SHAH AND CO PVT LTD [Active] CIN = U51311MH1949PTC007019

Company & Directors' Information:- SHAH AND SHAH PVT LTD [Strike Off] CIN = U33112WB1980PTC032838

Company & Directors' Information:- N K J SECURITIES PRIVATE LIMITED [Strike Off] CIN = U74899DL1995PTC070233

Company & Directors' Information:- N G SECURITIES PRIVATE LIMITED [Strike Off] CIN = U74899DL1995PTC071199

Company & Directors' Information:- P D K SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120RJ1995PTC010394

Company & Directors' Information:- S V SECURITIES PRIVATE LIMITED [Strike Off] CIN = U65993DL1993PTC051885

Company & Directors' Information:- G D L SECURITIES LIMITED [Strike Off] CIN = U74899DL1995PLC070979

Company & Directors' Information:- R D T SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120DL1994PTC057218

Company & Directors' Information:- M V SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120PB1996PTC018391

Company & Directors' Information:- B. K .SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120TN2007PTC065324

Company & Directors' Information:- M K R SECURITIES PRIVATE LIMITED [Strike Off] CIN = U65990TG2000PTC033675

Company & Directors' Information:- A D SHAH PVT LTD [Strike Off] CIN = U51909MH1972PTC015715

Company & Directors' Information:- ASHOK LIMITED [Not available for efiling] CIN = U99999MH1943PLC007683

Company & Directors' Information:- B. SHAH AND COMPANY LIMITED [Dissolved] CIN = U99999MH1952PLC008789

    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 circumstances, th

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