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Gromo Trade & Consultancy Ltd. v/s Securities & Exchange Board of India SEBI Bhavan & Another

    Misc. Application No. 185 of 2018 & Appeal No. 220 of 2018

    Decided On, 29 June 2018

    At, SEBI Securities Exchange Board of India Securities Appellate Tribunal

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

    For the Appellant: Prakash Shah, Advocate. For the Respondent: R1, Tomu Francis, Advocate i/b ELP, R2, Pulkit Sukhramani, Advocate i/b The Law Point.



Judgment Text

J.P. Devadhar, Presiding Officer (Oral)

1. Appellant has filed the present appeal with Misc. application seeking condonation of delay to challenge the confirmatory order passed by the Whole Time Member (‘WTM’ for short) of Securities and Exchange Board of India (‘SEBI’ for short) on August 25, 2016 whereby directions given in the ex-parte order dated February 20, 2015 have been continued until further orders.

2. Counsel for SEBI on instruction states that on completion of investigation, show cause notice has already been issued and the next of hearing is fixed on July 3, 2018.

3. In these circumstances, without going into the merits of the case, we direct the appellant to complete the pleadings on or before July 3, 2018 and not to seek any adjournment on July 3, 2018. We further direct SEBI to complete the proceeding and pass appropriate order on the show cause notice within a period of four months from today.


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4. Appeal as also the misc. application are disposed of in the aforesaid terms with no order as to costs.
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