BEFORE THE SECURITIES APPELLATE TRIBUNAL, MUMBAI
Appeal No.59/02
Date of Hearing
20.9.04
Date of Decision
In the matter of:
Appellant : Kishan & Co.
Respondent : Securities and Exchange Board of India
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 for final disposal.
2. The appellant was a broker and had been debarred for a period of six months and its registration was suspended for a period of six months and the order was to come into effect from 10.6.2002.
3. The matter was heard for some time on merits and the learned counsel for the appellant submitted that taking into account the age of the appellant, he will not be in a position to pursue the matter on merits and sought leave of the Tribunal to withdraw the appeal.
4. We have perused the order and it appears to us that there is no merit in the case. However, we shall not deal with the matter on merits as the learned counsel for the appellant seeks leave of the Tribunal to withdraw the appeal. Taking into account the advanced age and poor health of the appellant (appellant aged 81 years) and his willingness by filing an affidavit not to deal in securities or to act as a broker of Ludhiana Stock Exchange for a period of six months, we feel it appropriate to express our view considering his advanced age that the impugned order shall not be deemed to be a stigma. The appellant is directed to file an affidavit stating that he will not deal in securities and will also not act as a broker in Ludhiana Stock Exchange for a period of six months. The affidavit shall be filed within three weeks from the date of receipt of this order.
5. The appeal is disposed of accordingly. No costs.
(Pronounced in Court)
Justice Kumar Rajaratnam
Presiding Officer
N.L. Lakhanpal
Member
Dr. B. Samal
Place: Mumbai
Date: 20th September 2004