BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Date : 06.05.2019 Appeal (L) No. 226 of 2019 Mr. M.R. Shashibhushan …Appellant Versus Securities and Exchange Board of India …Respondent Mr. Janak Dwarkadas, Senior Advocate with Shruti Rajan, Garima Joshi, Mr. Rohan Banerjee and Rushin Kapadia, Advocates i/b Cyril Amarchand Mangaldas for the Appellant. Mr. Mustafa Doctor, Senior Advocate with Mrs. Dr. Poornima Advani, Mr. Anubhav Ghosh and Ms. Rashi Dalmia, Advocates i/b The Law Point for the Respondent. ORDER:
1. The appellant is the Chief Executive Officer (CEO) of
Way2wealth Brokers Private Limited (‘W2W’ for short) and has been held responsible for engaging the services of Sampark with regard to colocation facility. For being overall in-charge of the company the Whole Time Member (‘WTM’ for short) of the Securities and Exchange Board of India (‘SEBI’ for short) has debarred him from holding any position, either directly or indirectly, with any Stock Exchange, Clearing Corporation, Depository recognized or registered by SEBI for a period of two years.
2. On a query asked by the Tribunal, learned senior counsel
for the respondent fairly conceded that such debarment would amount to termination of service of the appellant. We also find that insofar as the entities W2W and GKN are concerned their appeals have been entertained and an interim order has been passed.
3. In the light of the aforesaid, we are of the opinion that
balance of convenience requires that an interim order be passed. We accordingly direct the respondent to file a reply within six weeks. Three weeks thereafter is allowed to the appellant to file a rejoinder. The matter would be listed for admission and for final disposal on July 22, 2019.
4. For the reasons stated aforesaid, we direct that the effect
and operation of the impugned order insofar as it relates to the appellant shall remain stayed during the pendency of the appeal. Sd/- Justice Tarun Agarwala Presiding Officer Sd/- Justice M.T. Joshi Judicial Member 06.05.2019 Prepared and compared by:msb