Surbhi Agrotech Ltd. v. SEBI
Case brief
What is this about?
This order dismisses an appeal by M/s. Surabhi Agro Tech. Ltd. against SEBI's rejection of its application for provisional registration under the 1999 Collective Investment Schemes Regulations. The Tribunal held that the applicant failed to satisfy the mandates of Regulation 70(1), specifically regarding detrimental conduct towards investors, and refused to interfere with the statutory authority's
What the court decided
BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI
APPEAL NO.47/2001
In the matter of:
M/s. Surabhi Agro Tech. Ltd. Appellant Vs.
| Securities and Exchange Board of India Respondent |
|---|
APPEARANCE:
Shri P.G. Lad
Advocate for Appellant
Shri Praveen Trivedi
Asst. Legal Advisor, SEBI for Respondent
(Appeal arising out of the order dated 01.08.2001 made by the Securities and Exchange Board of India)
ORDER
Issues for consideration
3 issues framed by the court
Whether to set aside the SEBI order rejecting the application for provisional registration of an existing collective investment scheme due to non-compliance with regulation 70(1) requirements.
Whether the Applicant has satisfied the conditions regarding affairs not being conducted detrimentally to investors and presence of independent directors.
Whether the Tribunal should interfere with the SEBI decision given the large number of unresolved investor complaints.
Parties & counsel
- appellant
M/s. Surabhi Agro Tech. Ltd.
- respondent
Securities and Exchange Board of India
Coram
C. Achuthan
Case details
As recorded by the court registry
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