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2015 (6) TMI 814 - SECURITIES APPELLATE TRIBUNAL MUMBAIProhibition from taking new assignment or contract or launch a new scheme for six months - Cross examination of the person whose statement is recorded by SEBI - Violation of principal of natural justice - Held that:- Where a noticee seeks cross-examination of a person whose statement is recorded by SEBI, then, passing an order on the basis of the statement of that person without giving the noticee an opportunity to cross-examine that person, would be in violation of the principles of natural justice. In the present case, even if there was any doubt on part of SEBI as to whether the Appellant had in fact sought cross-examination of Mr. Devi Dutt, in our opinion, in view of the fact that the Appellant had sought cross-examination of all persons whose statements were taken on record including the statement of Branch Manager of BHOB, Ahmedabad Branch, it is evident that Appellant had sought cross-examination of Mr. Devi Dutt. Since statement of Mr. Devi Dutt played a dominant role in passing the impugned order, it would not be proper to proceed with hearing of the Appeal on merits without permitting the Appellant to cross-examine Mr. Devi Dutt. - 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.
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