IN THE SECURITIES APPELLATE TRIBUNAL

MUMBAI  

 

 Appeal No. 89 of 2003

 

Date of Decision

19.4.2006

 

Enbee Plantation Ltd.	……	Appellant
Versus
Securities & Exchange Board of India	……	Respondent

 

Present :   None for the appellant

                  Mr. V.N. Shingnapurkar, Advocate for the respondent           

 

Coram:

          Justice N.K. Sodhi, Presiding Officer

            C. Bhattacharya, Member

            R. N. Bhardwaj, Member

 

Per:  Justice N.K. Sodhi, Presiding Officer (oral)

 

 

 

             Challenge in this appeal is to the order dated February 14, 2003 passed by the Securities and Exchange Board of India (for short “the Board”) directing the appellant company to refund to the investors the money collected by it under its collective investment schemes within a period of one month from the date of the order failing which action would be taken against the Company in accordance with law.  It is not in dispute that the Board found that the Company had not refunded the money to the investors and therefore by order dated 29.5.2003 the Company, its promoters, its directors, its managers and persons in charge of the business of running the schemes have been debarred from operating in the capital market and accessing the capital market for a period of 5 years from the date of the order. 

   2.            In view of the subsequent order, the appeal which is directed against order dated 14.2.2003 has become infructuous and the same is disposed of accordingly.

 

Justice N.K. Sodhi
Presiding Officer

C. Bhattacharya
Member

R.N. Bhardwaj
Member

 

19.4.2006