BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date of Decision: 20.02.2019
Misc. Application No. 56 of 2019
And
Appeal No. 50 of 2019
Zoid Research
Through Proprietor Mr. Tabrez Khan
202, Mangal City Mall,
Plot No. A-1 PU 4,
Commercial Scheme 54,
Opp. Vijay Nagar Police Station,
Vijay Nagar, AB Road, Indore- 452 010
…Appellant
Versus
Securities and Exchange Board of India,
SEBI Bhavan, Plot No. C-4A, G-Block,
Bandra-Kurla Complex, Bandra (East),
Mumbai – 400 051
…Respondent
Mr. Prakash Shah, Advocate with Mr. Chinmay Paradkar, Advocate i/b
Prakash Shah & Associates for the Appellant.
Mr. Gaurav Joshi, Senior Advocate with Mihir Mody and Mr. Nishant
Upadhyay, Advocates i/b K. Ashar & Co. for the Respondent.
CORAM: Justice Tarun Agarwala, Presiding Officer
Dr. C.K.G. Nair, Member
Per: Justice Tarun Agarwala (Oral)
ORDER:
1.

After hearing the learned counsel for the parties, we find that the
present appeal has been filed against the ex-parte ad interim order dated
February 08, 2019. In our opinion, the appropriate approach would be to
file an objection as directed by the Whole Time Member (“WTM”) of
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Securities and Exchange Board of India (“SEBI”) in the impugned exparte interim order. Considering the urgency pointed out by the learned
counsel for the appellant that the entire business of the appellant would
come to a halt, we dispose of the appeal with the following directions;
1) The appellant will file the objections, if any, before the
WTM of SEBI within 48 hours.
2) The objections along with an application for vacating the
ex-parte interim order for stay be filed before the WTM.

If such an application is filed, the WTM of SEBI, after providing an
opportunity of hearing, will decide the matter within a week thereafter.

2.

Appeal as well as the Misc. Application is disposed of accordingly.

Sd/Justice Tarun Agarwala
Presiding Officer
Sd/Dr. C.K.G. Nair
Member
20.02.2019
Prepared & Compared By: PK