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Dheeraj Shah v/s The Securities & Exchange Board of India SEBI Bhavan

Company & Directors' Information:- D & H INDIA LIMITED [Active] CIN = L28900MH1985PLC035822

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

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

Company & Directors' Information:- DHEERAJ SECURITIES LTD. [Strike Off] CIN = U67120WB1995PLC070737

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

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

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

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

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

Company & Directors' Information:- THE INDIA COMPANY PRIVATE LIMITED [Active] CIN = U74999TN1919PTC000911

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

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

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

Company & Directors' Information:- INDIA CORPORATION PRIVATE LIMITED [Active] CIN = U65990MH1941PTC003461

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

Company & Directors' Information:- M M SHAH PRIVATE LIMITED [Strike Off] CIN = U51311MH1962PTC012293

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

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

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

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:- A D SHAH PVT LTD [Strike Off] CIN = U51909MH1972PTC015715

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

    Appeal No. 59 of 2019

    Decided On, 14 October 2019

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


    For the Appellant: Deepak Dhane, Shantibhushan Nirmal & Shama Khan, Advocates. For the Respondent: Abhiraj Arora, Advocate i/b. ELP.

Judgment Text

Tarun Agarwala, Presiding Officer


1. The present appeal has been filed against the order of debarment restraining the appellant from accessing the securities market for a period of five years.

2. Initially on the basis of the preliminary investigation in the trading and in dealing in the scrip, an ex-parte interim order dated 20th February, 2015 was passed restraining the appellant from accessing the securities market which was order was confirmed on 25th August, 2016. Thereafter on the basis of a show cause notice, the Whole Time Member of SEBI considered the reply and, after considering the evidence that was brought on record passed the impugned order restraining the appellant from accessing the securities market for a period of five years from the date of the ex-parte adinterim order dated 20th February, 2015. The appellant has already undergone the debarment for more than four years and eight months.

3. After hearing the learned counsel for the parties and without going into the merit as to whether the appellant was involved in the huge rise in the price of the scrip, we are of the opinion that the present appeal can be disposed of in terms of the debarment already undergone.

4. We also find that the present controversy is also covered by the decision of this Tribunal dated 27th September, 2019 First Financial Services Ltd. & Anr. vs. SEBI in Appeal no.273 of 2018.

5. Thus, without going into the merits of the case and without considering the submissions of the counsel for the parties on merits, we dispose of the appeal holding that the restraint order restraining the appellants from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner, whatsoever will come to an end from today.

6. It was stated by the learned counsel that, for the same offence, adjudication proceedings have been initiated by the Adjudicating Officer of SEBI and submitted that the findings given in the impugned order of the WTM would be relied upon by the AO. It was urged that the finding given in the impugned order should not come in the way while considering the matter on merits by the Adjudicating Officer of SEBI.

7. We make it clear that the Adjudicating Of

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ficer of SEBI will consider the matter on merits without being influenced by the findings given by the WTM of SEBI. 8. In the light of the aforesaid, the appeal is disposed of. In the circumstances of the case, the parties shall bear their own costs.