Appeal No. 63 of 2003
Date of Decision
13.4.2006
Suresh Gaggar
Versus
Securities & Exchange Board of India
Present : Mr. Shyam Mehta & Ms. Ruchira Gupta, Advocates for the
appellant
Mr. Kumar Desai & Ms. Daya Gupta, Advocates 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)
By an order dated April 2, 2003 the Securities and Exchange Board of India (for short the Board) found that the appellant in concert with other members of the Gaggar family had acted in a manner detrimental to the interest of the securities market and had violated Regulation 9 and 10 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1994 and Clauses 40A and 40B of the listing agreement and, therefore, he was directed to disassociate himself from the capital market for a period of 3 years. He was also prohibited from dealing in securities for the said period. It is this order which is now under challenge in this appeal filed under Section 15T of the Securities and Exchange Board of India Act, 1992. At the time of the admission of the appeal, the Tribunal declined to stay the operation of the impugned order. Learned counsel for the parties inform us that the period for which the appellant was debarred from associating with the capital market is since over. As the period is over we are of the view that the appeal has become in fructuous. The learned counsel for the appellant, however, submits that the appeal be heard and disposed of on merits so that if he succeeds the stigma attached to him would be washed away. We do not think that it is necessary to decide the appeal on merits because we cannot put the clock back and no useful purpose would be served in flogging a dead horse. Without going into the merits of the contentions raised by the appellant we dismiss the appeal as having become infructuous. No costs.
Member
R.N. Bhardwaj