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In the matter of Jaivant E Talaulicar

Sep 14, 2004
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Orders : Orders of SAT

IN THE SECURITIES APPELLATE TRIBUNAL

MUMBAI

Appeal No:  154/2003

Date of Hearing

14/09/2004

Date of Decision

14/09/2004

 

In the matter of

 

Appellant – Represented by:

Jaivant E. Talaulicar

Mr. Janak Dwarakdas, Sr. Advocate

Versus

 

Securities & Exchange Board of India

Respondent- Represented by

 

Mr. Kumar Desai, Advocate
     

 

CORAM

 

          Justice Kumar Rajaratnam, Presiding Officer

          Dr. B. Samal, Member

          N.L. Lakhanpal, Member

 

 

Per:    Justice Kumar Rajaratnam, Presiding Officer

 

1.                  Heard the learned Senior Counsel for the appellant and learned Counsel for the respondent.  The appeal is taken up for final disposal with the consent of parties.

2.                  The learned Senior Counsel for the appellant undertakes on behalf of the appellant that he will not access the capital market or deal in securities for a period of five years from the date of the impugned order i.e., from 14/10/2003 to 13/10/2008. In other words, in conformity with the impugned order the appellant will not access the capital market. An affidavit to that effect shall be filed stating that he will not access the capital market for five years within three weeks from the date of hearing. 

3.                  It was strenuously submitted by the learned Senior Counsel for the appellant that the appellant has a long unblemished career which was marred by a single incident beyond the control of the appellant. The appellant has lost his employment and reputation in society as a result of the impugned order.  Since the appellant is an elderly person it is submitted that the appellant has no desire to argue the matter on merits and seeks leave of this Court to withdraw the appeal.  Accordingly the appeal is dismissed as withdrawn.

4.                  Taking into account the peculiar facts and circumstances of the case and in order to rehabilitate the appellant this Tribunal desires that the impugned order should not be treated as a stigma. This order is passed in the facts and circumstances of this case in order to rehabilitate the appellant. With these observations the appeal stands disposed of as withdrawn.

5.                  No order as to costs.

(Pronounced in Court)

 

                             (Justice Kumar Rajaratnam)

                            Presiding Officer

 

 

(Dr. B. Samal)

Member

(N.L. Lakhanpal)

Member

Place: Mumbai

Date: 14/09/2004

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