2013 (4) TMI 253

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....r counsel for the first respondent contended that had the appellant issued necessary show cause notice before the passing of the orders dated 30.11.1999 and 10.12.1999, the first respondent would have placed the necessary materials and demonstrated as to how its business activities would not have fall under the definition of Collective Investment Schemes and there would have been no necessity to approach the High Court for the redressal of its grievances. The learned senior counsel also submitted that even now if the said orders dated 30.11.1999 and 10.12.1999 are treated as show cause notices and appropriate opportunity is extended to the first respondent that would enable the first respondent to vindicate its stand before the appellant. ....

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....how cause notice supplementing the proceedings dated 30.11.1999 and 10.12.1999. Learned counsel for the appellant also submitted that the first respondent Company should furnish the address and details of the persons as Nodal Officers who can be addressed while issuing any fresh proceedings by way of supplementary show cause notice in order to enable the appellant to carry out the above exercise. Learned counsel submitted that the appellant would require not less than three months' time to carry out the exercise and issue the supplementary show cause notice. Further, though learned counsel for the appellant submitted that the first respondent Company should be restrained from mobilising any fresh records, it was made clear that such a blank....

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....d also make its oral submissions. The appellant shall also furnish whatever material which it seeks to rely upon as against the first respondent Company to enable the first respondent Company to submit its reply within the six weeks' time granted to it. After the personal hearing is extended to the first respondent Company, the appellant shall pass orders within six weeks from the date of holding of the hearing to be afforded to the first respondent Company. The first respondent Company shall also furnish its e-mail address, contact nos. and other particulars as and when required by the appellant. 8. We also make it clear that the appellant shall pass fresh orders as regards the business activity of the first respondent Company as to wheth....