Jayshree Kishor Dholakia And Anr. vs Sebi on 30 January, 2018

Securities Appellate Tribunal

Jayshree Kishor Dholakia And Anr. vs Sebi on 30 January, 2018

     BEFORE THE SECURITIES APPELLATE TRIBUNAL
                     MUMBAI
                                               Date of Decision: 30/01/2018


                                     Misc. Application No.176 of 2017
                                     And
                                     Appeal No.124 of 2017

1.     Jayshree Kishor Dholakia
       3452/2, Shahpur Chakala,
       Mangala Parekhas Khancho,
       Ahmedabad - 380 001.

2.     Kishor Kumar Dholakia
       3452/2, Shahpur Chakala,
       Mangala Parekhas Khancho,
       Ahmedabad - 380 001.                            ... Appellants

       Versus

Securities and Exchange Board of India
SEBI Bhavan, Plot No.C4-A,
G-Block, Bandra-Kurla Complex,
Bandra (East),
Mumbai - 400 051.                                      ... Respondent




Ms. Parinati Jain, PCS a/w Ms. Komal Chokhani, PCS i/b Amit R. Dadheech &
Associates for the Appellant.

Mr. Pulkit Sukhramani a/w Ms. Vidhi Jhawar, Advocates i/b The Law Point
for the Respondent.

CORAM : Justice J.P. Devadhar, Presiding Officer

Jog Singh, Member
Dr. C.K.G. Nair, Member

Per : Justice J.P. Devadhar (Oral)

MISC. APPLICATION NO.176 OF 2017:

1. There is delay of 121 days in filing this appeal. For the reasons stated

in Misc. Application No.176 of 2017 the delay is condoned. The Misc.

Application is disposed of accordingly.
2

APPEAL NO.124 OF 2017:

2. This appeal is filed to challenge the ex-parte ad-interim order passed

by the Whole Time Member (“WTM” for short) of Securities and Exchange

Board of India (“SEBI” for short) on 1st June, 2016 and also the confirmatory

order passed on 10th October, 2016.

3. Counsel for SEBI, on instruction, states that SEBI would complete the

investigation by 31st March, 2018.

4. In these circumstances, we dispose of the appeal by directing SEBI to

complete the investigation and to issue show-cause notice, if deemed fit, on or

before 31st March, 2018 and thereafter pass appropriate order on the said

show-cause notice, if any issued, after giving an opportunity of hearing to the

appellant as expeditiously as possible.

5. Appeal is disposed of in the aforesaid terms with no order as to costs.

Sd/-

Justice J.P. Devadhar
Presiding Officer

Sd/-

Jog Singh
Member

Sd/-

Dr. C.K.G. Nair
Member
30/01/2018
prepared & compared by-dg

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