Sep 20, 2004
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Orders :
Orders of SAT
BEFORE THE SECURITIES APPELLATE TRIBUNAL, MUMBAI
Appeal No.10/03
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Date of Hearing
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20.9.04
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Date of Decision
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20.9.04
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In the matter of:
Appellant : C.K. Hazari, New Delhi
Respondent : Securities and Exchange Board of India, New Delhi
Appellant by : Shri Milind Vasudeo, Advocate
Respondent by : Shri Kumar Desai, Advocate
Coram:
Justice Shri Kumar Rajaratnam, Presiding Officer
Dr. B. Samal, Member
N.L. Lakhanpal, Member
Per: Justice Kumar Rajaratnam, Presiding Officer
The appeal is taken up with the consent of parties.
2. The appellant along with others had been debarred from accessing and associating with the capital market for a period of five years. The impugned order is passed on 29.11.02. The Enquiry Officer in connection with this alleged misconduct in a different proceedings had stated that the track record of the appellant and the previous positions held by the appellant give the impression that the appellant would not have resorted to such malpractice.
3. The learned counsel for the respondent, Mr. Desai, submitted that the Enquiry Officer’s report has been given on entirely different context and has no connection with the facts of this case.
4. We have no doubt about the fact that the allegations against the appellant are serious. The appellant is 81 years old and is willing to co-operate with SEBI by filing an affidavit that he will not access or be associated with capital market for a period of two years from the date of the impugned order. Taking into account the facts of the case and the advanced age of the appellant and debilitating health of the appellant, we feel it appropriate that the period of debarment of the appellant be reckoned with for a period of two years from the date of the impugned order notwithstanding the stay of the impugned order in the peculiar facts of the case.
5. The learned counsel for the appellant also submitted that, in view of the advanced age and grave ill-health of the appellant, the appellant wishes to exit from some of the stocks held by him in his favour. If the appellant, in view of the advanced age, wishes to exit before the two year period, he would approach the respondent with a list of scrips and the respondent may pass appropriate orders taking into account his advanced age.
6. The appeal is disposed of accordingly. No costs.
7. The appellant is directed to file the affidavit that he will not access or associate with the capital market within three weeks from the date of receipt of this order.
(Pronounced in Court)
Justice Kumar Rajaratnam
Presiding Officer
| N.L. Lakhanpal |
Dr. B. Samal |
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Member
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Member
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Place: Mumbai
Date: 20th September 2004