Securities Appellate Tribunal
Monotype India Ltd. vs SEBI on 9 December 2015
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Misc. Application No.339 of 2015
And
Appeal No.494 of 2015
Date of decision: 09/12/2015
Monotype India Ltd.
having its office at
Shantiniketan Building,
3rd floor, Room No.315,
8, Camac Street,
Kolkata – 700 017.
…Appellant
Versus
Securities & Exchange Board of India
SEBI Bhavan, Plot No.C4-A, G-Block,
Bandra Kurla Complex, Bandra (East),
Mumbai – 400 051.
… Respondent
Mr. Prakash Shah a/w Mr. Bharat Redij, Advocates for the Respondent.
Mr. Shyam Mehta, Senior Advocate a/w Mr. Mihir Mody and Ms. Shruti Chiniwar and Mr. Saurabh Bachhawat, Advocates i/b K. Ashar & Co. for the Respondent.
CORAM :
Justice J.P. Devadhar, Presiding Officer
Jog Singh, Member
Page 1 of 2
Per : Justice J.P. Devadhar (Oral)
1. Since the Appellant had failed to comply with the provisions contained in the Securities Contracts (Regulation) Rules, 1957 (‘SCRR” for short), SEBI by its ex-parte order dated 4th June, 2013, passed several directions against the Appellant. As the Appellant failed to do the needful, confirmatory order was passed on 22nd July, 2014.
2. It is the case of the Appellant that after complying with the requirements of the provisions contained in the SCRR, Appellant by letter
-2- dated 8th May, 2015, had informed SEBI that since the requirements of SCRR are complied with, the directions passed against the Appellant be vacated. Since SEBI has failed to pass any order even after receiving letter dated 8th May, 2015 and subsequent reminders, Appellant has filed the present Appeal.
3. Counsel for SEBI states that after verifying the statements contained in the letter dated 8th May, 2015, SEBI would pass appropriate orders thereon as expeditiously as possible.
4. Accordingly, the Appeal is disposed of by directing SEBI to pass appropriate order on the letter addressed by the Appellant on 8th May, 2015 within a period of four weeks from today. We make it clear that we have not expressed any opinion on merits of the case.
5. The Appeal as well as Misc. Application are disposed of in the above terms with no order as to costs.
Sd/- Justice J.P. Devadhar Presiding Officer
Sd/-
Jog Singh
Member 09/12/2015 Prepared & compared by-ddg
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