IN THE SECURITIES APPELLATE TRIBUNAL

MUMBAI

Review Petition No. 1/146/2005

����������� in

Appeal No. 146 of 2005

Date of Decision

30.1.2006

In the matter of:

Sanjiv Pravinchandra Shah

Appellant � Represented by

 

Mr. Keyoor Bakshi, PCS

Versus

 

 

Securities & Exchange Board

Respondent �Represented by

of India

Mr. Paras Parekh & Mr. Ravi Hegde, Advocates

 

Coram:

����������� Justice N.K. Sodhi, Presiding Officer

����������� C. Bhattacharya, Member

����������� R. N. Bhardwaj, Member

 

 

Per:Justice N.K. Sodhi, Presiding Officer (oral)

 

 

����������� This is an application filed by the appellant seeking review of the order dated 29.11.2005 whereby the appeal filed by him was partly allowed and the quantum of penalty levied by the adjudicating officer was reduced from Rs. 2 lacs to Rs. 50,000/-.

   2.            Securities and Exchange Board of India (for short �the Board�) investigated the alleged price manipulation in the shares of one Monalisa Infotech Ltd. and during the course of investigation the appellant was required to appear beforethe investigating authority along with some records which were exclusively in his possession.Despite several summons issued to him which he had admittedly received, he did not respond and thereby caused hindrance in the investigation.He was therefore liable to be punished under Section 15A(a) of the Securities and Exchange Board of India Act, 1992 (for short �the Act�).The adjudicating officer found that the charge levied against the appellant stood proved and in exercise of his powers imposed a penalty of Rs. 2 lacs.Feeling aggrieved by this order the appellant preferred the appeal out of which the present review application has risen.On a consideration of the totality of circumstances and taking a lenient view in the matter, the Tribunal partly allowed the appeal and reduced the penalty from Rs. 2 lacs to Rs. 50,000/-.This order is now sought to be reviewed.

   3.            We have heard the learned representative on behalf of the applicant and the learned counsel appearing for the Board and find no ground to review the order.The Tribunal has the power to review its order in terms of Section 15U(2)(e) of the Act.��� This provision gives to the Tribunal the same powers as are vested in a civil court under the Code of Civil Procedure to review its own decision while trying a civil suit.This provision obviously gives a power in terms of Order 47, Rule 1, Civil Procedure Code to review the orders.We do not think that the applicant has made out any case warranting the review of the order dated 29.11.2005.He could not point out the discovery of any new or any important material which after the exercise of due diligence could not be produced by him at the time when the appeal was heard.There is, thus, no merit in the application and the same stands dismissed.No costs.

 

 

Justice N.K. Sodhi

Presiding Officer

 

 

 

C. Bhattacharya

Member

 

 

 

R.N. Bhardwaj

Member

Mumbai

Dated: 30.1.2006

//SR2061



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