TMI Blog2019 (12) TMI 481X X X X Extracts X X X X X X X X Extracts X X X X ..... ng that the appellants were guilty in manipulating the price of the scrips pursuant to the preferential allotment - HELD THAT:- Order of debarment as per the impugned order is of three years. These three years have already been undergone by the appellant pursuant to the impugned ex parte order dated December 19, 2014 restraining them from accessing the securities market, etc. As on date four years and ten months have elapsed and the appellants are still debarred from accessing the securities market etc. We find that the WTM has not considered the period of debarment already spent from the date of the ex parte interim order till the date of passing of the order while considering the quantum of penalty. We are, thus, of the opinion that the d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... M/s. Padma Impex Private Limited Versus Securities and Exchange Board of India Mumbai Justice Tarun Agarwala, Presiding Officer, Dr. C.K.G. Nair, Member, Justice M.T. Joshi, Judicial Member Mr. Vinay Chauhan, Mr. Ashok Bansal, Mr. Ravishekhar Pandey, Ms. Aarti Sathe, Mr. Somasekhar Sundaresan, Mr. Chetan R. Shah, Mr. Geet Shikhar, Mr. Rajesh Khandelwal, Mr. Nirman, Advocate i/b Ms. Shruti Belani, Advocate for the Appellant. Mr. Pradeep Sancheti, Senior Advocate with Mr. Sumit Rai, Mr. Mihir Mody and Mr. Sushant Yadav, Advocates i/b K. Ashar Co. for the Respondent. ORDER Tarun Agarwala, 1. These appeals have been filed against the order of the Whole Time Membe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion a show cause notice was issued on September 29, 2017 indicating that preferential allotment was followed by an abnormal and huge rise in the price of scrips. After considering the replies and submissions of the parties and the evidence that was brought on record, the WTM passed the impugned order holding that the fraudulent scheme conceived and executed by the appellants was with the common objective of making wrongful gains by manipulating the market and undermining its integrity. The WTM accordingly restrained the appellants from accessing the securities market and further prohibited them from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner, what ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pugned order till today is sufficient. 8. Thus, without going into the merits of the case and without considering the submissions of the counsel for the parties on merits, we dispose of all the appeals holding that the restraint order restraining the appellants from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner, whatsoever will come to an end from today. 9. It was stated by the learned counsel that, for the same offence, adjudication proceedings have been initiated by the Adjudicating Officer of SEBI and submitted that the findings given in the impugned order of the WTM would be relied upon by the AO. It was urged that the find ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
