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2015 (7) TMI 92 - AT - Companies LawRestrained from accessing the securities market - Prohibition from buying, selling or otherwise dealing in securities directly or indirectly for a period of 10 years - Violation of the principles of natural justice - Held that:- We find merit in the contention of the appellants that in the personal hearing granted on August 13, 2013 appellants had argued only on the preliminary issue and that they were under the impression that fresh hearing would be given to them in case the preliminary issue is decided against the appellants. While making it clear that it is open to SEBI to hear on preliminary issue as well as merits together and pass one composite order, in the facts of present case, in our opinion, SEBI was not justified in passing impugned order on merits without making it clear to the appellants that at the personal hearing appellants would be heard both on the preliminary issue and on merits. - In these circumstances, the impugned order is quashed and set aside and the matters are restored to the file of the WTM of SEBI for passing common order on the preliminary issue.
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