Ravi Prakash Khemka & Ors. v. SEBI

BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI

APPEAL NO.39/2001 APPLICATION NO.21/2002

In the matter of:

1. Ravi Prakash Khemka

1. Raj Kumar Khemka 3. Tirupathi Kumar Khemka Appellants Vs. Securities and Exchange Board of India Respondent

(Appeal arising out of the order dated 2.7.2001 made by the Chairman, Securities and Exchange Board of India)

ORDER

The present appeal filed on 10.8.2001 is directed against the order passed on 2.7.2001 by the Respondent debarring the Appellants and their group companies from accessing the capital market for a period of 5 years. The Respondent passed the impugned order based on the findings in an enquiry carried out by it, that the Appellants and certain other entities had violated the provisions of the SEBI (Substantial Acquisition of Shares and Take Overs) Regulations, 1999 and certain requirements under the listing agreement.

The Appellants had prayed for interim order staying the operation of the impugned order. After hearing the parties in this regard, the Tribunal vide its order dated 12.9.2001 rejected the prayer for the interim order.

The Respondent filed its reply on 28.9.2001. On 27.6.2002, when the appeal was taken up for final disposal, Shri S.R. Raghunathan, learned Counsel appearing for the Appellants submitted that the Appellants have decided to withdraw the appeal and a formal application for the purpose would be filed. In pursuance of the said submission the Counsel for the Appellants filed the application on 9.7.2002 praying for grant of permission to withdraw the appeal.