TMI Blog2017 (8) TMI 540X X X X Extracts X X X X X X X X Extracts X X X X ..... bunal dated 9th November, 2012 qua the respondent and remand the matter to the learned Appellate Tribunal for a de novo consideration. All contentions of both the sides are left open to be urged before the learned Appellate Tribunal. - CIVIL APPEAL NOS. 2594 To 2596, 2666 of 2013, 5829 And 11195-11196 of 2014 - - - Dated:- 5-4-2017 - MR. RANJAN GOGOI AND MR. N.V. RAMANA, JJ. For The Appearing Parties : Arvind P. Datar, Sr. Adv., Pratap Venugopal, Ms. Surekha Raman, Anuj Sarma, Ms. Niharika, Aman Shukla, Ms. Kanika Kalaiyarasan, K.T.S. Tulsi, Gaurave Bhargava, Kuber Boddh, Gagan Gupta, Mayank Mishra, Divyam Agarwal, Ritunjay Gupta, Dheeraj Nair, Ms. Hetu Arora Sethi, Yogesh Jagia, Amit Sood, Yogesh, Rajesh Agrawal and Rameshwar Prasa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... B indulged in 'front running' i.e. he placed and executed orders before the order of Passport and consequently squared off the position when the orders of Passport were placed in the market. It was noted by the Board that trades were executed using telephone number registered in the name of AB at the common residential address of KB and AB. Thus AB allegedly aided and abetted KB and Dipak in these transactions. By adopting this method KB earned a total profit of ₹ 1,56,32,364/- from the alleged trades. The Board was of the view that such trading is violative of Regulation 3(a),(b), (c) and (d) of FUTP regulations. According to the Board, it also breached the integrity of the market and therefore in exercise of the powers under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... earned counsel for the appellant (SEBI) has vehemently urged that such findings are recorded in the Adjudication Order and the said order has merged with the order of the learned Appellate Tribunal. We disagree with the aforesaid contention urged by the learned counsel for the appellant. In the appeal(s) filed by the aggrieved person(s) against the order(s) of the Adjudicating Officer, the learned Appellate Tribunal was expected to record its own independent findings and arrive at its own conclusions for holding the respondent liable for the penalty imposed. It seems that the learned Appellate Tribunal has proceeded on the basis that the case of the respondent is same and similar to the case of Kanaiyalal Baldev Patel and Dipak Patel which, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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