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First Financial Services Ltd. v/s Securities & Exchange Board of India SEBI Bhavan
Appeal No. 61 of 2015
Decided On, 10 March 2015
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 MR. A.S. LAMBA
By, MEMBER
For the Appellant: Vinay Chauhan, Advocate. For the Respondent: J.P. Sen, Senior Advocate a/w Rushin Kapadia i/b K. Ashar & Co., Advocates.
Judgment Text
J.P. Devadhar, Presiding Officer (Oral)
1. This appeal is filed to challenge the ex-parte ad-interim Order passed by Whole Time Member of Securities and Exchange Board of India on 19th December, 2014. Admittedly, subsequent to the filing of this appeal, the Whole Time Member of Securities and Exchange Board of India (for short 'WTM of SEBI') has heard the Appellant on 24/2/2015 on the question as to whether the impugned order deserves to be continued any further in view of the explanation given by the Appellant.
2. Counsel for SEBI on instruction states that the hearing before the WTM of SEBI was concluded on 24/2/2015 and it would take 8-10 weeks for passing the final order.
3. Since serious prejudice is caused to the Appellant on account of the restraint order passed against the Appellant and two weeks has already expired from the date of concluding the hearing, we direct the WTM of SEBI to pass the final order as expeditiously as possible and in any event within a p
1. This appeal is filed to challenge the ex-parte ad-interim Order passed by Whole Time Member of Securities and Exchange Board of India on 19th December, 2014. Admittedly, subsequent to the filing of this appeal, the Whole Time Member of Securities and Exchange Board of India (for short 'WTM of SEBI') has heard the Appellant on 24/2/2015 on the question as to whether the impugned order deserves to be continued any further in view of the explanation given by the Appellant.
2. Counsel for SEBI on instruction states that the hearing before the WTM of SEBI was concluded on 24/2/2015 and it would take 8-10 weeks for passing the final order.
3. Since serious prejudice is caused to the Appellant on account of the restraint order passed against the Appellant and two weeks has already expired from the date of concluding the hearing, we direct the WTM of SEBI to pass the final order as expeditiously as possible and in any event within a p
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eriod of six weeks from today. 4. Appeal is disposed of in above terms with no order as to costs.