IN THE SECURITIES APPELLATE TRIBUNAL

MUMBAI

 

 

Appeal Nos: 113 & 114 of 2004

 

Date of Hearing	27/06/2005
Date of Decision	27/06/2005

 

Himanshu Ajmera	Appellants � Represented by:
Girish S. Mehta	Mr. Shyam Divan, Advocate
Versus
Securities & Exchange Board of India		Respondent- Represented by
	Mr. Kumar Desai, Advocate

 

CORAM

 

��������� Justice Kumar Rajaratnam, Presiding Officer

��������� C. Bhattacharya, Member

��������� R.N. Bhardwaj, Member

 

 

Per:��� Justice Kumar Rajaratnam, Presiding Officer

 

 

1.                  Both the appeals are taken up together by consent of parties as both relate to a common order.

2.                  Heard the counsel for the appellants and counsel for the respondent.

3.                  The order was passed by SEBI whereby SEBI exercising inherent powers under Section 19 of the SEBI Act, 1992, read with Regulation 13(4) of the Enquiry Regulations, suspended the certificate of registration of the appellants for a period of 1 year.� The impugned order dated 4^th March, 2004 has spent itself out since there was no interim order during the pendency of the appeals. The appeals have become infructuous and are disposed of having become infructuous.

4.                  In view of the fact that certificate of registration has been suspended only for a period of one year it is the earnest hope of the Tribunal that it should not be treated as stigma for the future continuation of the business of the appellants.

5.                  No order as to costs.

 

(Justice Kumar Rajaratnam) Presiding Officer
(R.N.Bhardwaj) Member	(C. Bhattacharya) Member

 

Place: Mumbai

Date:�� 27/06/2005

*/as