IN THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Appeal No: 57 of 2006
Date
of Decision
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31/03/2006
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New
Era Alkaloids & Exports Limited
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�..Appellant
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Versus
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1. Bombay Stock Exchange Limited
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2. Securities & Exchange Board of India
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�.Respondents
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Mr.� S.K. Batra, Practicing Company Secretary for
the appellant
Mr.
P.N. Modi, Advocate with Mr. Sagar Divekar, Advocate for Respondent No.1
Mr.
Ravi Hegde, Advocate with Mr. Pratik Pawar, Advocate for Respondent No. 2.
CORAM
��������� C.
Bhattacharya, Member
��������� R.N.
Bhardwaj, Member
���������
Per:��� C. Bhattacharya, Member
1.
The
appeal in this case is against an order dated 17/10/2005 passed by the Whole Time Member of
Securities and Exchange Board of India (SEBI). The appellants had filed an
appeal with SEBI against the letter dated April 30, 2004 issued to them by the Stock
Exchange, Mumbai (BSE) whereby BSE had compulsorily delisted the securities of
the company w.e.f. April 20, 2004.�
The company had filed an appeal with SEBI against that decision of the
BSE.�
2.
In
a hearing conducted by the Whole Time Member of SEBI on October
11, 2005 the
authorized representative of the appellant company along with the
representative of the BSE appeared before him. The impugned order records that
the representatives� of both the parties
had agreed that another opportunity of hearing will be given to the appellant
company by the delisting committee of BSE and thereafter BSE shall consider the
case of the appellant on merits and pass appropriate order.� The impugned order was thus issued by SEBI
with the consent of both the parties.�
Section 15T(2) of the Securities and Exchange Board of India Act, 1992
clearly lays down that no appeal shall lie to this Tribunal from an order made
by the Board with the consent of parties. In the above view, the appeal is dismissed
as not maintainable.
3.
No
order as to costs.
sd/-
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C.Bhattacharya
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������������������������������������ Member
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sd/-
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R.N.Bhardwaj
�������������������������������������������������������������������������������������
�������������������Member
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Date:�� 31/03/2006
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