IN THE SUPREME COURT OF INDIA

CIVIL APPELLATE JURISDICTION

 

CIVIL APPEAL NO. 3786 OF 2000

 

Alka Synthetics Limited  …..Appellant

 

 VERSUS

 

Securities & Exchange Board of India & Others …..Respondents

 

 

O R D E R

 

Mr. G. E. Vahanvati, learned Solicitor General of India fairly concedes that the judgment under appeal cannot be sustained and the same be set aside and the case be remitted back to the High Court for a fresh decision in accordance with law.

 

On the asking of the counsel for the parties, we are mentioning the facts which have come into existence subsequent to the passing of the impugned judgment by the Division Bench of the High Court, Securities & Exchange Board of India (for short “SEBI”) passed two separate orders on 20th July, 1999; one of levying the penalty debarring the appellant from accessing the capital market for a period of two years; and the second relating to determination of differential price. The first order of SEBI debarring the appellant from accessing the capital market for a period of two years has worked itself out because the period of two years has already lapsed. Against the second order of SEBI relating to determination of differential price, the appellant has already filed an appeal before the appropriate appellate authority and the same is pending consideration before the said authority. Section 11 of the Securities & Exchange Board of India Act, 1992 has been amended by the Securities & Exchange Board of India (Amendment) Act, 2002. Act No. 59 of 2002.

 

 

 

In view of the concession made by the learned Solicitor General of India, we set aside the impugned judgment and remit the case back to the Division Bench of the Gujarat High Court for a fresh decision in accordance with law. L.P.A. No. 236 of 1997 is restored back on the file of the High Court. All contentions are left open.

 

Since an important question of law is involved and the parties have been agitating their rights for quite some time, we would request the High Court to dispose of the appeal as expeditiously as possible, and, preferably within a period of six months from today.

 

Parties would be at liberty to mention the case before Hon’ble the Chief Justice of High Court for listing the matter before the appropriate Division Bench for an early date.

Appeal is allowed and the case is remitted back to the High Court in the above terms.

 

Registry is directed to send the original record of the High Court forthwith.

 

 

 

…………………..….

(ASHOK BHAN)

 

 

NEW DELHI: ………………………

APRIL 06,2005  (A. K. MATHUR)