IN THE SECURITIES
APPELLATE TRIBUNAL
MUMBAI
Review Petition No. 1/146/2005
����������� in Appeal No. 146 of 2005
In the matter of:
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 before� the 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.
Mumbai Dated: 30.1.2006 //SR2061 |
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