Royal Orchid Hotels Limited And Others vs Securities And Exchange Board Of India

Tarun Agarwala, Presiding Officer

We have heard the learned counsel for the parties. The impugned order dated March 31, 2023 passed by the Whole Time Member (‘WTM’ for short) of the Securities and Exchange Board of India (‘SEBI’ for short) is ad interim order cum show cause notice. By our order dated May 9, 2023 we had stayed the effect and operation of the impugned order.

The learned senior counsel for the respondent submits that the appellant may file a reply to the show cause notice and the matter would be decided finally by the respondent after giving an opportunity of hearing and in the meanwhile the interim order granted by this Tribunal will continue to operate. In this regard the learned counsel for the appellant states that he has no objection.

We accordingly dispose of the appeal with the direction to the appellant to file a reply to the show cause notice within three weeks from today. The respondent will thereafter fix a date and the matter would be heard after giving an opportunity of hearing. Till the disposal of the matter the interim order passed by this Tribunal on May 9, 2023 will continue to operate. The appeal is disposed of accordingly.

This order will be digitally signed by the Private Secretary on behalf of the bench and all concerned parties are directed to act on the digitally signed copy of this order. Certified copy of this order is also available from the Registry on payment of usual charges.