Securities Appellate Tribunal
M/s. Khatau Exim Ltd. vs Securities and Exchange Board of India on 18 December 2015
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
DATE : 18.12.2015
Appeal No. 464 of 2015
M/s. Khatau Exim Ltd.
(Now known as M/s. Velox Industries Ltd.
The Submit Business Bay, 102-103, Level - 1, Service Road, Western Express Highway, Vile Parle (East), Mumbai – 400 052.
….. Appellant
Versus
Securities and Exchange Board of India
SEBI Bhavan, Plot No. C-4A, G Block,
Bandra Kurla Complex, Bandra (East),
Mumbai - 400 051.
…… Respondent
Mr. Somasekhar Sundaresan, Advocate with Mr. Abishek V. Mr. Dhaval Kothari, Advocates i/b J. Sagar Associates for the Appellant.
Mr. Kumar Desai, Advocate with Mr. Tomu Francis, Advocate for the Respondent.
CORAM : Justice J. P. Devadhar, Presiding Officer Jog Singh, Member
Per : Justice J. P. Devadhar (Oral)
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1. Appellant is aggrieved by the order passed by adjudicating officer of SEBI on September 22, 2015. By that order penalty of ` 4,50,000/- is imposed on the appellant for violating Regulation 8(3) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (for short Takeover Regulations).
2
2. It is not in dispute that the issue raised in this appeal is covered by the decision of this Tribunal in case of Inland Printers Ltd. vs. SEBI (199 of 2014 dated October 20, 2015) against the appellant.
3. In this view of the matter, for the reasons stated in our order in case of Inland Printers Ltd. (Supra) the appeal is dismissed with no order as to costs.
Sd/- Justice J. P. Devadhar Presiding Officer
Sd/- Jog Singh Member
18.12.2015 Prepared & Compared by PTM
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