BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Appeal No.139 of 2012
Date of decision: 5.7.2012
- M/s. Bombay Rayon Fashions Ltd.
D-1st Floor, Oberoi Garden Estate,
Chandivali Farms Road,
Chandivali, Andheri East,
Mumbai – 400 072. - M/s. B R Machine Tools Private Limited
‘E’ W nd Floor, Kendrya Saddan,
Koramangala, Bengaluru, Karnataka – 560 034.sVersus
Securities and Exchange Board of India
SEBI Bhavan, Plot No.C4A, G Block,
Bandra Kurla Complex,
Bandra (East), Mumbai 400 051.
Mr. R.S. Loona, Advocate with Mr. Abhishek Borgikar, Advocate for the Appellants.
Mr. Kumar Desai, Advocate and Mr. Mobin Shaikh, Advocate for the Respondent.
CORAM : P. K. Malhotra, Member & Presiding Officer ( O f f g.)
S.S.N. Moorthy, Member
Per : P. K. Malhotra (Oral)
The appellant before us is a company incorporated under the Companies Act,
- It filed an application dated March 14, 2012 before the Securities and Exchange
Board of India (the Board) under regulation 109 of the Securities and Exchange Board of
India (Issue of Capital & Disclosure Requirements) Regulations, 2009 (referred to
hereinafter as ICDR Regulations) seeking exemption from the applicability of regulation
75 and 77(4) of the Regulaitons. The said application has been rejected by the Board by
letter dated April 17, 2012. The grievance of the appellant is that the request has been
rejected by the Board without passing a reasoned/speaking order.
2
- We have been holding in the past that where rights of a party are affected or an
adverse order is passed by the Board it must give reasons for taking such a decision.
Non speaking order denies a party to avail effective appellate remedy. We, therefore, set
aside the impugned order and remand the matter to the Board for passing a speaking
order on the request of the appellant expeditiously.
The appeal stands disposed of accordingly with no order as to costs.
Sd/-
P.K. Malhotra
Member &
Presiding Officer ( Off g.)
Sd/- S.S.N. Moorthy
Member
5.7.2012
Prepared and compared by
RHN