Misc. Application No. 26 of 2013 & Appeal No. 57 of 2013. Case: Baba Bhootnath Trade & Commerce Pvt. Ltd. Vs Securities and Exchange Board of India. Securities and Exchange Board of India
|Case Number:||Misc. Application No. 26 of 2013 & Appeal No. 57 of 2013|
|Party Name:||Baba Bhootnath Trade & Commerce Pvt. Ltd. Vs Securities and Exchange Board of India|
|Counsel:||For Appellants: Mr. Vinay Chauhan, Advocate with Mr. Prashant Ingle, Advocate and For Respondents: Mr. Shiraz Rustomjee, Senior Advocate with Mr. Mihir Mody and Mr. Pratham Masurekar, Advocates|
|Judges:||J.P. Devadhar, Presiding Officer and A. S. Lamba, Member|
|Issue:||SEBI (Intermediaries) Regulations, 2008|
|Judgement Date:||August 07, 2013|
|Court:||Securities and Exchange Board of India|
J.P. Devadhar, Presiding Officer
Misc. Application No. 26 of 2013:-
There is a delay of 253 days in filing the appeal. An application has been filed seeking condonation of the delay. For the reasons stated in the application, the delay is condoned.
Appeal No. 57 of 2013:-
This appeal is filed to challenge the order passed by whole time member of the respondent on May 11, 2012 ('impugned order' for short) whereby the exparte order passed on December 28, 2011 has been confirmed. By ex parte order dated December 28, 2011 appellant is prohibited from buying, selling or dealing in any securities, in any manner whatsoever, in the proprietary account, till further directions.
Challenging the impugned order appellant has filed the present appeal on March 11, 2013. It is the case of the appellant that in similar cases since confirmatory orders were vacated, appellant was hoping that in the case of appellant also similar order would be passed.
Learned senior counsel for the respondent while denying that the case of the appellant is similar to other cases, submitted that in the present case investigation has been completed and a show cause notice dated March 14, 2013 has been issued and in fact, appellant has already filed its reply to the said show cause notice. Learned senior counsel for the...
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