BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Appeal No. 175 of 2011
Date of decision: 16.11.2011 Rikhav Securities Ltd.
having his office at
B, Matruchhaya, 4th floor,
S. N. Road, Mulund (West),
Mumbai – 400 080. …… Appellant
Versus
Securities and Exchange Board of India
SEBI Bhavan, Plot No.C-4A, ‘G’ Block,
Bandra Kurla Complex, Bandra (East),
Mumbai. …… Respondent
Mr. P. N. Modi, Advocate with Mr. Ranjit Bhonsle, Advocate for the Appellant.
Mr. Shiraz Rustomjee, Senior Advocate with Mr. Ajay Khaire and Ms. Dipti Bhande,
Advocates for the Respondent.
Coram : Justice N.K. Sodhi, Presiding Officer
P. K. Malhotra, Member
S.S.N. Moorthy, Member
Per : Justice N.K. Sodhi, Presiding Officer (Oral)
This appeal is directed against an order dated July 11, 2011 passed by the whole
time member pending investigations, inter alia, restraining the appellant from acting as
a syndicate member/sub-syndicate member fo r all the forthcoming public issues until
further orders. The primary grievance of the appellant at this stage is that it has not
been heard before the impugned directions were issued. It is true that the appellant was
not heard when the impugned order was passed . The learned senior counsel appearing
for the respondent Board states that the order shall be treated as an ad-interim ex-parte
order qua the appellant and th at the appellant would be afforded an opportunity of
hearing within the next two weeks. Mr. Modi learned counsel appearing for the
appellant states that the memo randum of appeal be treated as a reply on behalf of the
appellant. In view of the statements made by the learned counsel for the parties, we
2
dispose of the appeal with a direction to the respondent Board to hear the appellant
within the next two weeks. It will, however, be open to the whole time member to seek
such further information/documents from th e appellant as may be required. The whole
time member shall then pass such interim or final order as he deems fit qua the
appellant within a period of four weeks thereafter. No costs.
Sd/-
Justice N. K. Sodhi
Presiding Officer
Sd/-
P.K. Malhotra
Member Sd/-
S.S.N. Moorthy
Member
16.11.2011
Prepared & compared by-ddg