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In the matter of Jimmy Jal Gazdar

Sep 14, 2004
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Orders : Orders of SAT

IN THE SECURITIES APPELLATE TRIBUNAL

MUMBAI

 

Appeal No: 247 / 2004

  

Date of Hearing     : 14.10.2004

Date of Decision    : 14.10.2004

                                                 

 

In the matter of

Appellant – Represented by :

Jimmy Jal Gazdar                                          Shri N. H. Seervai, Sr. Advocate

 

                        Versus

 

                                                                       

Securities & Exchange Board of India         Respondent – Represented by

Mr. Subhash Jha, Advocate

 

Coram :

 

            Dr. B. Samal, Member

            Shri N. L. Lakhanpal, Member

 

Per :  Shri N. L. Lakhanpal, Member

 

1.         Admit.

2.                  Heard Senior Counsel for the Appellant Mr. Seervai, and Senior Counsel for the Respondent Mr. Subhash Jha.  The appeal is against the order passed by SEBI on 14th September, 2004.

3.                  The Appellant’s contention is that this order has been passed deciding the preliminary objections raised by him pursuant to the directions of the Hon’ble Mumbai High Court without giving him a chance for personal hearing although such hearing was specifically requested.  Shri Jha, argues that even though no personal hearing seems to have been granted on preliminary objections, the order is well reasoned and the Hon’ble High Court had not specifically directed that a hearing be granted for deciding preliminary objections. 

4.                  We have taken into consideration the facts of the matter and pleadings of the learned Counsel on both the sides.  We are of the view that personal hearing is required to be granted to the Appellants on the preliminary objections, particularly, in view of the fact that the Hon’ble Mumbai High court has specifically directed that the preliminary objections be decided first and further actions be kept aside for a period of 2 weeks to enable the Appellant to file and appeal against the order.

5.                  The matter is therefore remanded with a direction to SEBI that the Appellant be given personal hearing in respect of the preliminary objections raised with a 7 days notice period.  Both sides gracefully agree that a date will be fixed taking into consideration the convenience of the other side.  The Appellant is directed to co-operate fully with the Adjudicating Officer once the date is so fixed and not seek any further adjournment. 

6.                  This order is passed keeping all contentions of both sides open.

7.                  The appeal stands disposed of on the above lines.

 

(Pronounced in Court)

 

 

 

N. L. Lakhanpal                                                                                                                                     Dr. B. Samal

Member                                                                                                                                                   Member