Sanman Consultants Ltd. v. SEBI
Case brief
What is this about?
SAT allowed the appeal and remanded the matter to the Respondent. The Tribunal held that without specific evidence proving the appellant participated in market rigging, denying the legitimate claim based solely on general findings of manipulation was unsustainable under the Act.
What did the court decide?
Impugned order set aside; matter remanded to Respondent for further examination of the appellant's involvement in market rigging.
BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI
APPEAL NO. 22/2000
In the matter of
Sanman Consultants Appellant
Vs
Securities & Exchange Board of India Respondent
APPEARANCE:
Shri Dhirendra Gandhi Shri Rakesh Gandhi
Shri Bhupendra Gandhi for Appellant
Shri Ananta Barua Division Chief, SEBI
Shri K.R.C.V.Seshachalam
Legal Officer, SEBI for Respondent
Issues for consideration
3 issues framed by the court
Whether the Appellant, not found to be a manipulator in the market rigging, is entitled to the difference between standard price and close out price.
Whether the denial of the claim due to alleged market manipulation without specific evidence against the Appellant is sustainable.
Whether the impugned order rejecting the claim requires remand for further examination of the Appellant's role in market rigging.
Parties & counsel
- appellant
Sanman Consultants
- respondent
Securities & Exchange Board of India
Coram
(C.ACHUTHAN) PRESIDING OFFICER
Case details
As recorded by the court registry
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