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First Financial Services Limited v/s Securities & Exchange Board of India SEBI Bhavan

    Misc. Application No. 343 of 2016 In Appeal No. 282 of 2015

    Decided On, 03 May 2017

    At, SEBI Securities Exchange Board of India Securities Appellate Tribunal

    By, THE HONOURABLE MR. JUSTICE J.P. DEVADHAR
    By, PRESIDING OFFICER
    By, THE HONOURABLE MR. JOG SINGH
    By, MEMBER & THE HONOURABLE DR. C.K.G. NAIR
    By, MEMBER

    For the Applicant: Vinay Chauhan a/w K.C. Jacob, Ayush Agarwal, i/b Corporate Law Chambers, Advocates. For the Respondent: Shyam Mehta, Senior Advocate a/w Mihir Mody, Saurabh Bachhawat, i/b K. Ashar & Co., Advocates.



Judgment Text

J.P. Devadhar, Presiding Officer

(Oral)

1. By this Misc. Application, the appellant submits that since SEBI has failed to pass final order within the time stipulated by this Tribunal, the orders passed against the appellant be vacated forthwith.

2. After arguing the matter for some time, Counsel for the appellant fairly states that if this Tribunal is inclined to grant further time, then SEBI may be directed to pass a final order in a time bound manner.

3. Accordingly on the basis of the statements made by Counsel on both sides, we pass the following order:-

(a) Statement made by Counsel for SEBI that investigation would be completed and show-cause notice, if any, would be issued to the appellant by 30th September, 2017 is accepted.

(b) Statement made by Counsel for the appellant that if the showcause notice is issued by 30th September, 2017, the appellant would file reply to the show-cause notice within one week of receiving the show-cause notice is accepted.

(c) If the affidavit-in-reply is filed within the time stipulated herein then SEBI shall offer an opportunity of hearing to the appellant and pass appropriate order on or before 15th November, 2017.

(d) In the event of SEBI failing to issue a show-cause notice within time stipulated herein or fails to pass the final order within the time stipulated herein (subject to the appellant filing reply within the stipulated time) then the directions contained in the ex-parte order dated 19th December, 2014 and confirmatory order date

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d 20th April, 2015 shall come to an end without reference to this Tribunal. 4. Misc. Application is disposed of in the aforesaid terms with no order as to costs.
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