2015 (6) TMI 814

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..... Vinay Chauhan, Mr. K.C. Jacob and Mr. Apurv Gupta, Advocates For The Respondent : Mr. Shiraz Rustomjee, Senior Advocate a/w Mr. Rushin Kapadia, Advocate i/b K.Ashar & Co. Per : Justice J.P. Devadhar (Oral) 1. Appellant is aggrieved by the order passed by the Whole Member of Securities and Exchange Board of India (WTM, SEBI) on 14th March, 2014 whereby the Appellant is prohibited from ta....

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.... 4. On appeal, aforesaid Order dated 22/6/2007 was set aside by this Tribunal and SEBI was directed to pass a fresh order on merits. Accordingly, the impugned order dated 14th March, 2014 is passed by SEBI which is challenged in the present Appeal. 5. Admittedly, in the earlier order dated 22/6/2007, SEBI had not relied upon the statement of Mr. Devi Dutt, Chief Manager of Bharat Overseas Ba....

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....it fit not to rely upon the statement of Mr. Devi Dutt in its earlier order dated 22/6/2007, but deemed it fit to consider the statement of Mr. Devi Dutt in the impugned order dated 14/3/2014, it was imperative on part of SEBI to afford an opportunity to the Appellant to cross-examine Mr. Devi Dutt before relying upon the said statement of Mr. Devi Dutt. 8. Where a noticee seeks cross-examinati....

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....ed with hearing of the Appeal on merits without permitting the Appellant to cross-examine Mr. Devi Dutt. 9. Accordingly, the impugned order of SEBI dated 14/3/2014 is quashed and set aside and the matter is restored to the file of SEBI for passing fresh order on merits after giving an opportunity to the Appellant to cross-examine Mr. Devi Dutt, if SEBI chooses to rely upon the said statement of....