Appeal No. 169 of 2012. Case: Mavi Investment Fund Ltd. C/o International Management Mauritius Ltd., Les Cascades, Edith Cavell Street, Port Louis, Mauritius Vs Securities and Exchange Board of India SEBI Bhavan, Plot No. C-4A, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400051. Securities and Exchange Board of India

Case NumberAppeal No. 169 of 2012
JudgesP.K. Malhotra, Member & Presiding Officer (Offg.) and S.S.N. Moorthy, Member
IssueCapital Market
Judgement DateAugust 10, 2012
CourtSecurities and Exchange Board of India


P. K. Malhotra, Member & Presiding Officer (Offg.)

  1. This order will dispose of two Appeals No. 169 and 170 of 2012. The appellant before us in these two appeals is a registered sub-account of a foreign institutional investor and carrying on its business in India of making investment in Indian securities market. The Securities and Exchange Board of India (for short the Board) is carrying out investigations into the alleged market manipulation using global depositories receipt issue and in the process passed an ex-parte ad-interim order on September 21, 2011 restraining the appellant alongwith some other entities from dealing in the securities or instruments with Indian securities, in any manner, until further orders. The said order was modified by the Board on January 23, 2012 whereby the appellant was permitted to sell shares and deposit sale proceeds in a separate bank account with the permission of the Board. By its letter dated April 17, 2012 the appellant approached the Board seeking its permission to immediately utilize USD 5,00,000/- / ` 2.5 crores from such sale proceeds and also approval of a fixed repatriation threshold limit of USD 100 millions / ` 500 crores to meets appellant's on going liquidity needs. It is the case of the appellant that inspite of repeated requests the Board has not passed any order on the said requests.

  2. Appeal no. 170 of 2012 has been filed by the appellant for setting aside the two orders passed by the Board and referred to above and also a further prayer to permit the appellant to sell shares which are not the subject matter of the investigation and to permit repatriation of...

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