BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Appeal No. 201 of 2012
Date of decision: 23.10.2012
Littlestar Vanijya Pvt. Ltd.
60, Bentinck Street,
Kolkata.
……Appellant Versus
Whole Time Member,
Securities and Exchange Board of India
SEBI Bhavan, Plot No. C-4A, G Block,
Bandra Kurla Complex, Bandra (East),
Mumbai – 400 051.
…… Respondent Mr. Ravi Ramaiya, Authorised Representative for the Appellant.
Mr. Kumar Desai, Advocate with Mr. Ajay Khaire, Advocate for the Respondent.
CORAM : P. K. Malhotra, Member & Presiding Officer ( Offg .)
S. S. N. Moorthy, Member
Per : P. K. Malhotra (Oral)
By an ex-parte ad-interim or der dated August 3, 2012, the appellant
alongwith other 18 entities has been rest rained from accessing the securities
market and prohibited from buying, selling or dealing in the securities, in any
way, till further orders pending investigations into the downward movement of
price of certain scrips as mentioned in the impugned or der. The said order was
also treated as a show cause notice and the appellant was required to file its reply.
- The grievance of the appellant is th at it filed its reply immediately after
receipt of the impugned order, but no hear ing has been granted to the appellant 2
and no further order has been passed pursuant to the reply submitted by the
appellant. - Learned counsel for the Board has placed on record a copy of the letter
dated October 16, 2012 issued by the Board granting personal hearing to the
appellant on October 31, 2012. Learned couns el for the Board also very fairly
stated that after th e personal hearing, the Board wi ll pass appropriate orders
within a period of two weeks.
In view of the statement made by learned counsel for the Board, the appeal
stand disposed of with a di rection to the Board to pa ss appropriate order in the
matter by November 15, 2012. No costs. Sd/-
P. K. Malhotra
Member &
Presiding Officer ( Offg .) Sd/-
S. S. N. Moorthy
Member
23.10.2012
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