CourtKutchehry.com
Tribunals and CommissionsDivision Bench(2019) 11 SEBI CK 0003

Inventure Finance Pvt. Ltd. vs Securities And Exchange Board Of India

Securities Appellate Tribunal Mumbai · Decided on 28 November 2019

HON’BLE JUDGES
Tarun Agarwala, Presiding Officer · M. T. Joshi, J
RESULT
Disposed Of
CASE NUMBER
Miscellaneous Application No. 568, 622 Of 2019 In Appeal No. 218 Of 2015
Download PDFAsk AI about this case

AI Structured Summary

Not yet generated for this judgment

Judgment

20 paragraphs · 362 words

Tarun Agarwala, Presiding Officer

1.

We have heard the learned counsel for the parties.

It transpires that an ex parte ad interim order dated August 14, 2014 was passed by the Whole Time Member (‘WTM’ for short) of Securities

and Exchange Board of India (‘SEBI’ for short) restraining the appellant from accessing the securities market and prohibiting it from buying,

selling or dealing in the securities market. The said ex parte ad interim order was confirmed on March 31, 2015. On December 7, 2017 a show cause

notice was issued under Section 11(1), 11(4) and 11B of the SEBI Act, 1992 to show cause as to why suitable directions should not be issued for the

alleged violations committed by the appellant. The appellant has appeared and contesting the matter before the WTM of SEBI since 2017. The

hearing has been conducted and the appellant was last heard on March 20, 2019. The proceedings are still going on and have not been concluded.

2.

On the other hand, the debarment order is continuing since 2014 and the appellant has been restrained from the last five years and the proceedings

are not being concluded.

3.

It has been stated by the learned senior counsel for the respondent SEBI Shri Kevic Setalvad that the proceedings against 116 entities have been

issued and therefore the hearing is taking some time. It was, thus, prayed that three months time may be allowed to the respondent SEBI to pass

appropriate orders.

4.

Considering the aforesaid, we are of the opinion that considerable time has elapsed and the appellant is unnecessary facing debarment without there

being a final order against it. If there are a large number of entities then the WTM of SEBI should consider and pass separate orders atleast insofar as

the appellant is concerned.

5.

We accordingly direct the WTM of SEBI to reconsider the ex parte ad interim order and the confirmatory order in the event it is not possible for

the WTM to pass a final order pursuant to the show cause notice after giving an opportunity of hearing to the appellant on or before December 15,

2019.

6.

Misc. Applications are disposed of.