Securities Appellate Tribunal
Mr. Raj Rattan vs Sebi on 30 January, 2018
BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Date of Decision: 30/01/2018 Misc. Application No.38 of 2017 And Appeal No.43 of 2017 Mr. Raj Rattan 51, Landons Road, Kilpauk, Chennai - 600 010. ... Appellant Versus Securities and Exchange Board of India SEBI Bhavan, Plot No.C4-A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051. ... Respondent Mr. Prakash Shah, Advocate 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.38 OF 2017:
1. There is delay of 46 days in filing this appeal. For the reasons stated in
Misc. Application No.38 of 2017 the delay is condoned. The Misc.
Application is disposed of accordingly.
APPEAL NO.43 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 1st November, 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.
Justice J.P. Devadhar
Dr. C.K.G. Nair
prepared & compared by-dg