Sat order on Harijay Industries Ltd.

BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI

Appeal No.98/2002

In the matter of:

Harijay Industries Ltd. Appellant Vs. Adjudicating & Enquiry Officer Securities & Exchange Board of India Respondent Appearance Shri J. Ranganayakulu Jt. Legal Adviser for Respondent

None for the Appellant

ORDER

The Appellant, claiming to be aggrieved by the order dated 14.8.2002 made by the Respondent filed the present appeal praying to set aside the order. The Appellant had also prayed for interim order staying the operation of the impugned order till the appeal is finally disposed of. However vide application dated 22.10.2002, the Appellant informed the Tribunal that it was not pressing its prayer for interim order for the time being. By the impugned order, the adjudicating officer appointed by the Securities and Exchange Board of India (SEBI), after enquiry held the Appellant guilty of violation of regulations 6(2),6(4) and 8(3) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and consequently imposed a sum of one lakh fifty thousand rupees as monetary penalty on the Appellant.

The appeal was filed on 29.10.2002. The Respondent filed its reply on 9.12.2002. It is noted from the appeal papers filed by the Appellant that it had authorized one Shri D.A. Gadgil to appear and plead for and on behalf of the Appellant before the Tribunal in the present appeal.