BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI

       Appeal No. 197 of 2011 

 Date of decision : 15.12.2011   

Asahi Infrastructure & Projects Ltd.
2nd floor, Vinayak Sankul Tapdia Nagar,
Akola – 444 002.
Maharashtra. …… Appellant

Versus

Securities and Exchange Board of India
SEBI Bhavan, Plot No.C-4A, ‘G’ Block,
Bandra Kurla Complex, Bandra (East),
Mumbai – 400 051. …… Respondent
Mr. Ravi Ramaiya, Chartered Accountant for the Appellant.
Mr. Mobin Shaikh, Advocate for the Respondent.
Coram : P. K. Malhotra, Member
S.S.N. Moorthy, Member
Per : P. K. Malhotra, Member (Oral)

This appeal is directed against an ex-parte ad-interim order dated
September 21, 2011 passed by the whole time member of Securities and Exchange
Board of India (for short the Board) where by some directions have been issued, among
others, to the appellant. The appellant has be en directed not to i ssue equity shares or
other instruments convertible in to equity shares or alter its capital structure in any
manner till further directions in this regar d. The ad-interim ex-parte order has been
treated as a show-cause notice and the appella nt has been called upon to file its reply.
The appellant has already filed a reply to the said show-cause notice. Since the matter is
under consideration of the Board, we do not th ink it appropriate to examine the merits
of the issues sought to be raised by the appellant.

2

2. Learned counsel for the appellant stat es that it (the ap pellant) has issued
   warrants worth Rs.7 crores which are due for conversion before January 20, 2012 and
   shall lapse if not converted by stipulated date . Counsel states that a request has already
   been made to the Board permitting it to al low conversion of the said warrants into
   equity shares in accordance with the laid down procedure. Learned counsel for the
   Board states that the request made by the a ppellant is under consideration and decision
   will be conveyed to the appellant by December 31, 2011. In view of the statement made
   by the learned counsel for the respondent, we are not inclined to pass any order in this
   regard.
   The appeal stands disposed of as above with no order as to costs.
   Sd/-
   P. K. Malhotra
   Member
   Sd/-
   S.S.N. Moorthy
   Member
   15.12.2011
   Prepared & compared by-ddg

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