BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Appeal No.147/2003
In the matter of:
Mr. Chaitanya D. Mehta Appellant
Vs.
Securities and Exchange Board of India Respondent
Present:
Shri D. J. Khambata
Advocate
Ms. Rashida Savilwala
Advocate for Appellant
Shri Kumar Desai
Ms. Daya Gupta
Advocate for Respondent
ORDER
The Respondent SEBI has passed an order on October 10, 2003 requiring Indo Biotech Herbal Remedies Ltd., (IBHRL) and its directors including the Appellant Mr. Chaitanya D. Mehta to dissociate themselves from the securities market for a period of five years on the ground of their having failed to redress the investor grievances despite being directed by SEBI to do so. Being aggrieved by the said order the Appellant Mr. Chaitanya D. Mehta has filed the present appeal.
On the date of hearing the Appellant contended that he was only a professional director of IBHRL and that he had resigned even that position on July 22, 1996. He, therefore, contended that he had been taken by surprise by the impugned order which had been passed without any notice being served on him. The learned Counsel for the Respondent conceded this position and stated that the mistake had happened because the Respondent took some time in verifying the fact of the Appellant having resigned from the directorship of IBHRL.
Accordingly we direct the deletion of Appellant Mr.Chaitanya D. Mehta’s name from para 6.0 of the impugned order. The order shall not apply in any manner whatsoever to the Appellant Chaitanya D. Mehta.
Sd/- Sd/-
B. SAMAL N. L. LAKHANPAL
Place: Mumbai, Date: January 20, 2004.
Place: Mumbai,
Date: January 20, 2004.