IN THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Appeal No. 148 of 2006
Ms Aditi Dalal …….Appellant
Versus
Securities & Exchange Board of India …….Respondent
Shri Shyam Mehta, Advocate along with Shri Vinay Chauhan, Advocate for the appellant
Mr. Kumar Desai, Advocate along with Shri. Anant Upadhyay, Advocate for the respondent.
CORAM
Justice N. K. Sodhi, Presiding Officer
C. Bhattacharya, Member
Per: Justice N. K. Sodhi, Presiding Officer (Oral)
This appeal is directed against the order dated November 29, 2006 passed by the whole time member of the Securities and Exchange Board of India whereby directions under section 11(4) and 11B of the Securities and Exchange Board of India Act, 1992 have been issued restraining the appellant from buying, selling and dealing in or accessing the securities market in any manner for a period of six months form the date of the order.
We have heard the learned counsel for the parties for some time and having regard to the nature and gravity of the irregularities committed by the appellant we are of the view that the ends of justice would be adequately met if the period for which she has been restrained is reduced to two months from the date of the order. We order accordingly. The learned counsel for the parties are agreed that we need not record reasons for modifying the impugned order. The appeal is accordingly disposed of with no order as to costs.
Sd/-
Justice N. K. Sodhi
Presiding Officer
Sd/-
C. Bhattacharya
Member
RRN
21.12.06