2013 (11) TMI 631

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....y Khaire and Ms. Virakthi Hegde. ORDER:- PER : Jog Singh This is the second round of litigation. The appellant earlier approached this Tribunal by way of Appeal no. 178 of 2011 which was disposed of by order dated December 22, 2011 requiring the respondent to reconsider the matter after giving a fresh look. In the earlier case and also in the present case, the appellant has been imposed a....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....gulation 2(g) of the Insider Trading Regulations in question. Once again, a show cause notice has been issued to the appellant almost on the same allegations and the impugned order dated December 17, 2012 has been passed imposing a same penalty on the appellant for violation of the insider trading regulations in question. 2. We have heard both the learned counsel for the parties at length. Shri....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Companies Act, 1956 read with Regulation 2(g) of the Insider Trading Regulations in question. 3. On the other hand, Dr. Poornima Advani, learned counsel for the respondent submits that there was material before adjudicating officer to prove that the appellant was not a mere Compliance Officer but something more than that. In this connection, Mrs. Advani has drawn our attention towards an e-mail....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....usion against the appellant in the impugned order and to hold him guilty of violation of Insider Trading Regulations were admittedly not supplied to the appellant either with show-cause notice or during the course of adjudication proceedings. 5. This is evidently violation of principles of natural justice in as much as the appellant was not given an opportunity to confront these documents and t....