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Rose Valley Real Estates And Construction Limited & Another v/s Securities and Exchange Board of India, SEBI Bhavan & Others

    Appeal No. 176 of 2013

    Decided On, 26 September 2013

    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 Appellants: Sudipto Sarkar, Senior Advocate with Ms. Moushami Bhattacharya, A. Bhattacharya, A. Chatterjee, Ms. Ravela D?souza, Ms. Natasha Wadia, Advocates. For the Respondents: Shiraz Rustomjee, Senior Advocate with Pratham V. Masurekar, Advocate.



Judgment Text

J.P. Devadhar, Presiding Officer

(Oral)

1. Appellants are aggrieved by order passed by Whole Time Member of SEBI on January 3, 2011, whereby appellant no. 1 company has been restrained from doing certain activities. By the aforesaid order, company was further directed to file objections if any within 15 days and intimate as to whether the company desires to avail, opportunity of personal hearing.

2. Instead of filing objections, appellants have chosen to challenge the impugned order by raising several contentions.

3. Since the impugned order has been in operation for more than two years and since counsel for SEBI on instruction states that SEBI is agreeable to pass final order in a time bound manner, we dispose of the appeal by passing the following order:

1. Securities and Exchange Board of India shall furnish additional materials, if any to the appellant no. 1 within a period of 2 weeks from today.

2. Appellants to file objections if any, within a period of 4 weeks from the date of receiving additional materials from Securities and Exchange Board of India.

3. Counsel for SEBI on instruction states that subject to appellants cooperating with the respondent, final order would be passed within a period of 4 months from the date of appellants filing objections.

Statement of counsel for SEBI accepted.

4. All contentions of both sides are kept open.

5. SEBI shall

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not take any coercive steps in furtherance to impugned order until passing of final order. Appeal is disposed of in above terms with no order as to costs.
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