IN THE SECURITIES APPELLATE TRIBUNAL

MUMBAI

 

Appeal No.71/2005

 

Date of Decision

14.03.2006

 

 

In the matter of:

 

Messers Alka Securities   Limited.	Appellant – Represented by Mr. Sean Wassoodew
Versus
1. Securities and Exchange Board of India.   2. The National Stock Exchange Ltd., Mumbai	Respondent – Represented by Mr. Dipen Merchant, Sr. Advocate with Mr. V. N. Signapurkar, Advocate Respondent – Represented by Mr. Ramabhadran, Advocate and Ms. Venita Daver, Advocate.

 

Coram:

 

          Justice N. K. Sodhi, Presiding Officer

          C. Bhattacharya, Member

          R. N. Bhardwaj, Member

 

Per:   Justice N. K. Sodhi, Presiding Officer(Oral)

 

          After hearing the learned counsel for the parties at length we are of the view that this is one of those cases where the appellant has resorted to manipulative methods in connivance with its Chartered Accountant only to reduce its fee liability under the SEBI (Stock Brokers and Sub-brokers) Regulations, 1992.  When we were about to dictate the order, the learned counsel for the appellant prayed that he may be allowed to withdraw the appeal.  We are granting this prayer but cannot resist from observing that M/s. R. R. Falod & Co., Chartered Accountants appear to have mis-conducted itself in issuing two certificates to the appellant regarding its data turn over and that both the certificates appear the same date.  The Securities and Exchange Board of India may consider whether it should bring this fact to the notice of the Institute of Chartered Accountants of India.

          Dismissed as withdrawn.  The Respondents are entitled to have their costs from the appellant which are assessed at Rs.50,000/- to be shared by both the respondents.

 

Justice N. K. Sodhi
Presiding Officer

 

C. Bhattacharya
Member

 

R. N. Bhardwaj
Member

 

14/03/2006.

Smn/14/6/