Tactful Investments v. SEBI
Case brief
What is this about?
The appellant challenged its classification as a vanishing company by SEBI. The tribunal held that the matter was under consideration by the respondent following regulatory committee proceedings. The appeal was dismissed as premature.
What did the court decide?
Pending consideration of the appellant's compliance with statutory filings under the Co-ordination and Monitoring Committee process.
What the court decided
BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI
APPEAL NO. 2/2001
In the matter of:
Tactfull Investment Ltd Appellant
Vs.
Securities & Exchange Board of India Respondent
APPEARANCE:
Dr. Rajnish Pandey Vice President Tactful Investment Ltd for Appellant Ms Poonam A Bamba Division Chief, SEBI Mr. Santosh K Shukla Asstt. legal Adviser, SEBI for Respondent
ORDER
This appeal is directed against the Respondent’s classification of the Appellant as a vanishing company, in the public notice dated 14.09.1999. The said public notice was reportedly directed to the companies and their promoters and directors to whom specific show cause notices issued by the Respondent were returned undelivered, with a view to give them another opportunity to explain their view point before deciding any course of action. The promoters, directors and companies mentioned in the public notice were thus given opportunity to explain and if so desired, to furnish reply to the show cause notice. It has been stated that some companies, etc., had responded to the notice.
Issues for consideration
2 issues framed by the court
Whether the appeal against the classification of the appellant as a vanishing company is premature.
Whether the matter remains under consideration of the respondent and thus not ripe for adjudication.
Parties & counsel
- appellant
Tactfull Investment Ltd
- respondent
Securities and Exchange Board of India
Coram
ACHUTHAN
Case details
As recorded by the court registry
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