Jayaraj Seth v. SEBI
Case brief
What is this about?
The Appellant challenged a general order directing repayment of funds under collective investment schemes. The Tribunal noted the Appellant had established correspondence with the Respondent allegedly overlooked. The matter was remanded to the Respondent for de novo consideration after hearing.
What did the court decide?
The appeal is allowed by way of remand to the Respondent to pass a detailed speaking order after examining the relevant facts and allowing the Appellant a reasonable opportunity to be heard.
BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI
APPEAL NO. 7/2001
In the matter of:
Jayraj S Sheth Appellant
Vs.
Securities & Exchange Board of India Respondent
APPEARANCE:
Mr. Jayraj S Sheth Appellant for Appellant Mr. S.V.Krishna Mohan Dy. Legal Adviser, SEBI Mr. Praveen Trivedi Asstt. Legal Adviser, SEBI for Respondent
(Appeal arising out of the order dated 7.12.2000 made by the Chairman, Securities & Exchange Board of India)
ORDER
The Appellant is aggrieved by the directions issued by the Respondent under section 11B of the Securities and Exchange Board of India Act, 1992 (the Act) read with regulations 65 and 73 of the Securities and Exchange Board of India (Collective Investment Scheme) Regulations, 1999. Material portion of the impugned order reads as under:
Issues for consideration
2 issues framed by the court
Whether the appellant, having provided documentary evidence of prior correspondence with the Respondent, was entitled to a remand for de novo consideration of his specific facts before an impugned gen
Whether the impugned order, being general and not addressing specific submissions made by the appellant, required to be reconsidered by the Respondent.
Parties & counsel
- appellant
Jayraj S Sheth
- respondent
Securities & Exchange Board of India
Coram
ACHUTHAN
Case details
As recorded by the court registry
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