IN THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Appeal Nos: 113 & 114 of 2004
|
Date of Hearing
|
27/06/2005
|
|
Date of Decision
|
27/06/2005
|
|
Himanshu Ajmera
|
Appellants – Represented by:
|
|
Girish S. Mehta
|
Mr. Shyam Divan, Advocate
|
|
Versus
|
|
|
Securities & Exchange Board of India
|
Respondent- Represented by
|
|
|
Mr. Kumar Desai, Advocate
|
| |
|
|
CORAM
Justice Kumar Rajaratnam, Presiding Officer
C. Bhattacharya, Member
R.N. Bhardwaj, Member
Per: Justice Kumar Rajaratnam, Presiding Officer
1. Both the appeals are taken up together by consent of parties as both relate to a common order.
2. Heard the counsel for the appellants and counsel for the respondent.
3. The order was passed by SEBI whereby SEBI exercising inherent powers under Section 19 of the SEBI Act, 1992, read with Regulation 13(4) of the Enquiry Regulations, suspended the certificate of registration of the appellants for a period of 1 year. The impugned order dated 4th March, 2004 has spent itself out since there was no interim order during the pendency of the appeals. The appeals have become infructuous and are disposed of having become infructuous.
4. In view of the fact that certificate of registration has been suspended only for a period of one year it is the earnest hope of the Tribunal that it should not be treated as stigma for the future continuation of the business of the appellants.
5. No order as to costs.
|
(Justice Kumar Rajaratnam)
Presiding Officer
|
|
(R.N.Bhardwaj)
Member
|
(C. Bhattacharya)
Member
|
Place: Mumbai
Date: 27/06/2005
*/as