Appeal No. 21 of 2011. Case: 1. Krishiraj Trading Limited, 2. Welspun Mercantile Limited, 3. Welspun Fintrade Limited, 4. Welspun Wintex Limited Vs Securities and Exchange Board of India. Securities and Exchange Board of India

Case NumberAppeal No. 21 of 2011
CounselFor Appellants: Mr. Janak Dwarkadas, Senior Advocate with Mr. Sanjay Asher, Advocate and For Respondents: Mr. Shiraz Rustomjee, Advocate with Ms. Harshada Nagare, Advocate
JudgesN. K. Sodhi, Presiding Officer and P. K. Malhotra, S. S. N. Moorthy, Member
IssueSecurities and Exchange Board of India Act
Judgement DateJuly 11, 2011
CourtSecurities and Exchange Board of India


N. K. Sodhi, Presiding Officer, (At Mumbai)

This order will dispose of two Appeals no. 21 and 22 of 2011 both of which are directed against an ex-parte order dated December 2, 2010 passed by the whole time member of the Securities and Exchange Board of India restraining, among others, the appellants from buying, selling or dealing in securities of their own companies and other listed group companies till further orders. The promoters of the appellant companies have also been directed to ensure that they do not change their shareholding pattern. The ex-parte order has been treated as a show cause notice and the appellants were required to file their replies thereto. One of the grievances made in the appeal before us is that the respondent Board has not given complete inspection of the records to the appellants. The learned counsel for the respondent Board...

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