In the matter of Park Light Securities Ltd

BEFORE THE SECURITIES APPELLATE TRIBUNAL

MUMBAI

 

In the matters of:

Appeal No.19/2004

 

Mr. Uday Vora                                                                      Appellant

Vs.

T.M. Nagarajan, Whole time Member

Securities and Exchange Board of India                                                 Respondent

 

 

Appeal No.20/2004

 

Mr. Dhiren Vora                                                                   Appellant

Vs.

T.M. Nagarajan, Whole time Member

Securities and Exchange Board of India                                                 Respondent

 

Appeal No.21/2004

 

Mr. Hasmukhlal Vora                                                          Appellant

Vs.

T.M. Nagarajan, Whole time Member

Securities and Exchange Board of India                                               Respondent

 

 

Appeal No.22/2004

 

H. Nyalchand Financial Services Ltd.                                  Appellant

Vs.

T.M. Nagarajan, Whole time Member

Securities and Exchange Board of India                                                  Respondent

 

Appeal No.23/2004

 

Park Light Securities Ltd.                                                    Appellant

Vs.

T.M. Nagarajan, Whole time Member

Securities and Exchange Board of India                                                 Respondent

 

Appeal No.24/2004

 

Park Light Investment P. Ltd.                                              Appellant

Vs.

T.M. Nagarajan, Whole time Member

Securities and Exchange Board of India                                                  Respondent

 

 

Present:

 

Shri Vinay Chauhan

Advocate                                                                                for Appellant

 

Shri Kumar Desai

Advocate, SEBI                                                                     for Respondent

ORDER

            These appeals are taken up together for final disposal with the consent

 

 

.2.

of parties.  The Appellants in these appeals challenges the add interim order passed by the Respondent with respect to alleged irregularities under the provisions of the Section 11(4)(b) reads with Section 11 and 11B of the SEBI Act.   

 

            The impugned order was challenged before this Tribunal.  This Tribunal by its order dated 20^th February, 2004 stayed the impugned order. 

 

            Subsequently show cause notice has been issued dated June 2004 and the enquiry is pending.  This Tribunal granted interim stay dated 20.02.2004 on two grounds one was no enquiry was contemplated and secondly no reasons were given in the impugned order.

 

            Now it is brought to our notice by both the parties that show cause notice has been issued against the Appellant and the enquiry is pending. 

 

            Taking these facts and circumstances into account the impugned order is set aside.  This however will not preclude the Respondent in passing such  orders in accordance with law pending enquiry if it is absolutely necessary and if it is in public interest.

            Appeal disposed of accordingly.

            No order as to costs.

                                                (Pronounced in Court)

 

 

 

                                                                        Justice Kumar Rajaratnam

                                                                        Presiding Officer

 

 N.L.Lakhanpal 

 Member

                                                                                                                                        

                                                                                   

Place : MUMBAI

Date : 02^nd February, 2005 

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