Surya Agroils Ltd. v. SEBI
Case brief
What is this about?
The Tribunal disposed of an appeal against SEBI's investigation orders. Noting the appellant's affidavit pleading full cooperation and the High Court's direction to clarify facts, the Tribunal found no necessity for its own order.
What did the court decide?
The appeal is disposed of accordingly.
What the court decided
BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI
APPEAL NO.35/2000
In the matter of:
Surya Agroils Ltd Appellant Vs
Securities and Exchange Board of India Respondent
APPEARANCE :
Shri.K N Goyal Chartered Accountant for Appellant Shri S V Krishna Mohan Division Chief, SEBI Shri. G Vijayakrishnan Legal Officer, SEBI for Respondent
ORDER
Surya Agroils Limited, the Appellant, is a public limited company engaged in the business of extraction of oil, processing of soya seed, seed cakes, etc. The Appellant had made a public-cum-rights issue of shares sometime in March 1993. Total amount to be raised from the said share issue was to the tune of Rs. 35.73 crores. Respondent received certain complaints about irregularities in the said issue. In that context the Respondent made an order on 15th May, 1996 directing an inspection / investigation in the matter and also ordered inspection of books of accounts, records and documents of the Appellant and certain other entities associated / involved in the said share issue. The Appellant challenged the Respondent's order in a Writ Petition before the Delhi High Court, vide CWP No. 1268 of 1997. On 10th August 1999, the said CWP was disposed of by the High Court with the following observations:
Issues for consideration
2 issues framed by the court
Whether the appeal against SEBI's investigation order and subsequent compliance with High Court directions warrants any further order from the Tribunal.
Whether the company's affidavit undertaking to provide assistance removes the necessity of a Tribunal order in the underlying matter.
Parties & counsel
- appellant
Surya Agroils Ltd
- respondent
Securities and Exchange Board of India
Coram
C. ACHUTHAN
Case details
As recorded by the court registry
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