IN THE SECURITIES APPELLATE TRIBUNAL

MUMBAI

 

 Appeal No. 152A/05 to 152C/05

 

Date of Hearing	27.10.2005
Date of Decision	27.10.2005

 

In the matter of:

 

Mr. Ashok C. Shah	Appellant – Represented by
Ms. Shivani Ashok Shah Mr. Shalin A. Shah	Ms. D.N. Raval, Advocate
Versus
Securities & Exchange Board	Respondent –Represented by
of India	Mr. V.N. Shingnapurkar, Advocate

 

Coram:

            Justice Kumar Rajaratnam, Presiding Officer

            C. Bhattacharya, Member

            R. N. Bhardwaj, Member

 

Per:  Justice Kumar Rajaratnam, Presiding Officer

 

 

   1.            Admit.

   2.            Appeals are taken up for final disposal with the consent of parties.

   3.            It is submitted that in similar circumstances this Court by an order dated 15.12.2004 in appeal no. 361/2004 in the matter of Mahesh Parikh vs. SEBI held that if a director of a company is to be debarred from securities market, he should be served with a show cause notice before proceeding against him.  In this case, admittedly no show cause notices were served on the appellants. 

   4.            Following the judgment of this Court in Mahesh Parikh vs. SEBI dated 15.12.2004 and for the reasons stated therein, the impugned order only in so far as appellants are concerned, is set aside.  SEBI is at liberty to take fresh action in accordance with law if it so desires, after issuing show cause notice.  

   5.            No order as to costs.

(Pronounced in Court)

 

 

 

Place: Mumbai

Date: 27.10.2005

 

 

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