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Beejay Investment & Financial Consultants P. Ltd. v/s Securities & Exchange Board of India

    Misc. Application No. 105 of 2022 & Appeal No. 444 of 2021

    Decided On, 08 February 2022

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


    For the Appellant: Gaurav Agarwal, Shristi Gupta, Sangeet Paliwal, Deepak Shukla, Ashutosh Shukla, Gaurav Bhardwaj, Advocates. For the Respondent: Manindar Acharya, Senior Advocate, Kumar Desai, Viplav Acharya, Sai Shashank, Manish Channgani, Ravi Shekar Pandey, Samreen Fatima, Advocates i/b. The Law Point, P.N. Modi, Senior Advocate, Tomu Francis, Zarnaab Aswad, i/b. Khaitan & Co., Janak Dwarkadas, Senior Advocate, Vikram Trivedi, Rashid Boatwalla, Aditya Vyas, Dhruv Jadhav, i/b. MKA & Co., Advocates.

Judgment Text

1. A statement has been made by the counsel for the appellant that the order of this Tribunal has now been complied by the stock exchanges and their trading account is now operational.

2. In view of the aforesaid, the Tribunal is of the opinion that it is best to let the matter lay to rest and it is not necessary for this Tribunal to go into the question as to whether there was deliberate non-compliance of the order of this Tribunal. However, in order to clarify so that there is no ambiguity in our order we direct that since the appellant has deposited a sum of Rs.45 lakhs the effect and operation of the impugned order in so far as it relates to the appellant shall remain stayed during the pendency of the appeal. As a result of this order the bank account, demat account including trading account shall revive forthwith.

3. List this matter for admission and for final disposal on 28th March, 2022.

4. Parties are directed to contact the Registrar 48 hours before the date fixed to find out as to whether the hearing would take place through video conferencing or through physical hearing.

5. 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, this order will be digitally signed by the Private Secretary on behalf of the bench and all c

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oncerned 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.