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In the matter of Surana Industries Ltd

Jun 21, 2005
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Orders : Orders of SAT

IN THE SECURITIES APPELLATE TRIBUNAL MUMBAI

 

Appeal No. 64/2005

 

Date of Hearing           21.6.2005

Date of Decision          21.6.2005

 

In the matter of:

 

Surana Industries Ltd.                                                                                      Appellate – Represented by

                                                                                                                 None

 

Versus

 

Securities and Exchange Board                                                                       Respondent – Represented by

of India                                                                                                                    Mr. S. Satpute, Advocate

 

Coram:

 

            Justice Kumar Rajaratnam, Presiding Officer

C. Bhattacharya, Member

            R. N. Bhardwaj, Member

 

Per: Justice Kumar Rajaratnam, Presiding Officer

 

1.      The appellant has written a letter to the Registry dated 14.6.2005 which has been placed before us.  The letter reads as follows:

 

“This is for your kind reference that the above matter was heard and admitted on 3rd May 2005 and the next hearing was posted on 21st June 2005.

Meanwhile SEBI, vide their letter No. CFD/DIL/V/40566/2005 dated 13th May 2005 addressed to The Stock Exchange, Mumbai with a copy to us (Copy letter enclosed for your ready reference) have decided that the said non-disclosure be construed as a technical violation under section 17.2A(ii) of the DIP Guidelines.  They have thus advised The Stock Exchange, Mumbai, to take appropriate decision regarding the listing of the Equity Shares of our company in accordance with the byelaws etc.

Thus the issue in the appeal has been satisfactorily resolved and any further proceedings may not be necessary.

We request you kindly confirm that because of the above stated facts; we need not appear before the Honourable SAT Bench on 21st June 2005.”

 

2.      On a perusal of the letter, it is clear that the appellant has stated that the matter has been amicably resolved and no further proceedings are necessary.

3.      In that view of the matter, we dispose of the appeal as having become infructuous.  No order as to costs.

 

(Pronounced in Court) 

 

 

 

Justice Kumar Rajaratnam

Presiding Officer

 

 

 

R. N. Bhardwaj                                                                                                        C. Bhattacharya

Member                                                                                                                    Member

 

Place: Mumbai

Date: 21.6.2005