BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI
Misc. No. 29 of 2008
In
Appeal No. 116 of 2007
Date of decision : 24.4.2008
M/s Manyog Investments Pvt. Ltd & Ors. …… Appellants
Versus
Securities and Exchange Board of India …… Respondent
Mr. Deepak Dhane Advocate for Appellants
Mr. Kumar Desai Advocate with Mr. Anan t Upadhaya and Ms. Pranita Mhatre Advocates for the Respondent.
Coram : Justice N.K. Sodhi, Presiding Officer
Arun Bhargava, Member
Utpal Bhattacharya, Member
Per : Justice N.K. Sodhi, Presiding Officer (Oral)
The present application has been filed s eeking approval of the consent terms as agreed upon by the parties before the High Powered Committee and recommended by the Securities and Exchange Board of India (for short the Board) for acceptance. The appeal is directed against the order dated July 25, 2007 passed by the whole time member of the Board restraining the appellant from buyi ng, selling or dealing in securities in any manner for a period of one year. During the pe ndency of the appeal the appellants filed an application for obtaining an order on consent terms in accordance with the circular dated April 20, 2007 issued by the Board. The terms as proposed by the appellants have been approved by the High Powered Committee and the appellant has undertaken to pay a sum of Rs 5.6 lacs to settle the dispute arising in the appeal.
We have heard the counsel for the parties and have perused the records. Having regard to the facts and circumstances of the case we grant approval to the consent terms as agreed between the parties before the High Powered Committee and recommended by the Board for acceptance. The application is accordingly allowed and the appeal is disposed of in accordance with the consent terms with no order as to costs.
Justice N.K. Sodhi Presiding Officer
Arun Bhargava Member
Utpal Bhattacharya Member
24 .4.2008 sl