2017 (3) TMI 1811

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....wari, Mr. Prithvi Pal, Mr. Amit Kumar, AOR Ms. Vishakha, Mr. Prashant Kumar, AOR (N.P.) For Respondent(s) Mr. Pratap Venugopal, Ms. Surekha Rajan, Mr. Anuj Sarma, Ms. Niharika, Mr. Aman Shukla, Ms. Kanika Kalaiyarasan, ORDER 1) We have heard learned counsel appearing for the parties at considerable length. 2) It appears that the only question in this matter is whether the Adjudicating ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....unal was not justified in upholding the order passed by the Adjudicating Officer on the basis of drawing adverse inferences against the appellant which is based on no material facts and no positive evidence has been furnished is totally erroneous. 5) He also contends that the Adjudicating Officer has also failed to take into consideration that there was no non-compliance of summons, if she cons....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....able of hampering the process of investigation appears to have submitted by BBL to deliberately mislead both SEBI as well as the stock exchanges." 7) Learned counsel appearing for the appellant also relied on para 2.4 of the report submitted by the expert group constituted by the Securities and Exchange Board of India under the Chairmanship of Mr. Justice M.H. Kania, former Chief Justice of Ind....