Appeal No. 208 of 2013. Case: Mr. Dushyant N. Dalal, Mrs. Puloma D. Dalal Vs Securities and Exchange Board of India. Securities and Exchange Board of India

Case NumberAppeal No. 208 of 2013
CounselFor Appellant: Mr. Ravichandra S. Hegde, Advocate and For Respondents: Mr. Kumar Desai, Mr. Mihir Mody and Mr. Pratham V. Masurekar, Advocates
JudgesJ.P. Devadhar, J. (Presiding Officer), Jog Singh and A.S. Lamba, Members
IssueSecurities and Exchange Board of India
Judgement DateApril 29, 2014
CourtSecurities and Exchange Board of India


J.P. Devadhar, J. (Presiding Officer)

  1. This appeal is filed to challenge the communications dated November 11, 2013 and April 16, 2013 passed by Adjudicating Officer ("AO" for short) of Securities and Exchange Board of India ("SEBI" for short), whereby appellants were called upon to attend personal hearing on the dates specified therein. In the said communications it was also recorded that their request for cross-examination/inspection cannot be considered in view of order of this Tribunal passed in Miscellaneous Application No. 51 of 2013 on September 6, 2013.

  2. Relevant facts are that by an order dated October 4, 2012 passed in Appeal No. 184 of 2011 (Dushyant N. Dalal & Anr. vs. SEBI) this Tribunal had set aside the adjudication order passed against the appellants on June 2, 2011 and directed the AO to pass fresh order after considering the application of the appellants relating to (one) inspection of records which are relevant and being relied upon in the supplementary show cause notice and (two) cross-examination of Purshottam G. Budhwani and Nimisha Kakadia.

  3. Since the application filed by the applicants was rejected by impugned communications, appellants had filed Miscellaneous Application No. 51 of 2013 in Appeal No. 184 of 2011, seeking inspection of documents/cross-examination. That application was disposed of by this Tribunal on September 6, 2013 without going into correctness of the impugned communications by allowing the appellants to withdraw the said Miscellaneous Application and by recording a statement that the appellants shall file their reply to the show cause notice/supplementary show cause notice within the period specified therein and by recording statement of counsel for respondent that final order would be passed within the time specified therein.

  4. It is not in dispute that in-compliance of aforesaid order dated September 6, 2013 appellants have...

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