Professional Documents
Culture Documents
MUMBAI
Date of decision : 21/01/2015
Appellant
Versus
Securities and Exchange Board of India
SEBI Bhavan, Plot No.C-4A, G Block,
Bandra Kurla Complex,
Bandra (E), Mumbai 400 051.
Respondent
Mr. Navroz Seervai, Senior Advocate a/w Mr. Vinay Chauhan, Mr. K.C. Jacob
and Mr. Apurv Gupta, Advocates for the Appellant.
Mr. Shiraz Rustomjee, Senior Advocate a/w Mr. Rushin Kapadia, Advocate
i/b K.Ashar & Co. for the Respondent.
CORAM :
1.
Securities and Exchange Board of India (WTM, SEBI) on 14th March, 2014
whereby the Appellant is prohibited from taking up any new assignment or
contract or launch a new scheme for a period of six months as a stock broker.
-2-
2.
3.
4.
Tribunal and SEBI was directed to pass a fresh order on merits. Accordingly,
the impugned order dated 14th March, 2014 is passed by SEBI which is
challenged in the present Appeal.
5.
Admittedly, in the earlier order dated 22/6/2007, SEBI had not relied
upon the statement of Mr. Devi Dutt, Chief Manager of Bharat Overseas Bank
(BHOB), Ahmedabad Branch. In the impugned order, however, reliance is
placed by SEBI on the statement of Mr. Devi Dutt, Chief Manager of BHOB,
Ahmedabad Branch.
6.
Ahmedabad Branch was not specifically stated in the said letter dated
-3-
8/1/1007, in view of the fact that SEBI had recorded the statement of Mr. Devi
Dutt, it is obvious that the Appellant had sought cross-examination of all
persons including cross-examination of Mr. Devi Dutt.
7.
it fit not to rely upon the statement of Mr. Devi Dutt in its earlier order dated
22/6/2007, but deemed it fit to consider the statement of Mr. Devi Dutt in the
impugned order dated 14/3/2014, it was imperative on part of SEBI to afford
an opportunity to the Appellant to cross-examine Mr. Devi Dutt before
relying upon the said statement of Mr. Devi Dutt.
8.
9.
and set aside and the matter is restored to the file of SEBI for passing fresh
-4-
Mr. Devi Dutt, if SEBI chooses to rely upon the said statement of Mr. Devi
Dutt.
10.
In view of the fact that considerable time has elapsed from the date of
11.