BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Appeal No. 156 of 2011
Date of Decision : 14.11.2011
Micro Management Limited
32, Ezra Street, 8th Floor,
Room No. 854A
Kolkata – 700 001.
…Appellant
Versus
The Whole Time Member,
Securities and Exchange Board of India
SEBI Bhavan, Plot No. C-4A, G-Block,
Bandra-Kurla Complex, Bandra (East),
Mumbai – 400 051.
…Respondent
Mr. Prakash Shah, Advocate for the Appellant.
Mr. Shiraz Rustomjee, Senior Advocate with Ms. Harshada Nagare, Advocate for the
Respondent.
CORAM : Justice N.K. Sodhi, Presiding Officer
P.K. Malhotra, Member
Per : Justice N.K. Sodhi, Presiding Officer (Oral)
This order will dispose of three Appeals no. 156, 157 and 169 of 2011 all of
which are directed against a common orde r dated July 19, 2011 passed by the whole
time member of the Securities and Exchange Board of India (for short the Board)
confirming the ad-interim ex-parte or der dated December 2, 2010 by which the
appellants, among others, had been restrained from accessing the securities market
and were prohibited from buying, selling or dealing in securities till further directions.
Admittedly, the investigations in the matter are still on and the Board has found that
the scrip of five companies had been manipulated and that a large number of entities
had joined hands together in the manipula tion. The learned counsel appearing for the
appellants contends that his clients are similarly situated to the two entities referred to
2
in para 28(b) of the impugned order agains t whom the ad-interim directions have
been revoked. Counsel for the parties have taken us through the impugned order and
also the ad-interim ex-parte order which was treated as a show cause notice against
the entities. Since the investigations are still pending it may not be appropriate for us
to examine the merits of the contentions now sought to be urged before us. We are
informed that the investigations are in progress. In this view of the matter, we dispose
of the appeal with a direction to the Board to conclude the investigations
expeditiously and, in any case, before the end of this year. It will be open to the Board
to proceed against different entities on th e basis of the findings recorded in the
investigations. No costs.
Sd/- Justice N.K. Sodhi
Presiding Officer
Sd/-
P.K. Malhotra
Member 14.11.2011
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