Saumil A. Bhavnagari vs Securities and Exchange Board of India on 24 December 2007

IN THE SECURITIES APPELLATE TRIBUNAL

MUMBAI

Appeal No. 103 of 2007

Date of decision : 24.12.2007

Saumil A. Bhavnagari …… Appellant

Versus

Securities and Exchange Board of India …… Respondent

Mr.Joby Mathew Advocate for the Appellant. Mr.J.J. Bhatt Senior Advocate with Mr. Cherag Balsara Advocate and Mr. Anant Upadhyay Advocate for the Respondent.

Coram : Justice N.K. Sodhi, Presiding Officer Arun Bhargava, Member Per : Justice N.K. Sodhi, Presiding Officer (Oral)

This appeal is directed against the order dated 12.3.2007 passed by the whole time member of the Securities and Exchange Board of India confirming the ex-parte interim order dated April 27, 2006 passed against the appellant. During the pendency of the appeal the respondent Board has treated the appellant as a conduit in the so-called IPO scam instead of his being a financier as was earlier alleged and for that a fresh order dated 20.12.2007 under section 11 and 11B of the Securities and Exchange Board of India Act, 1992 has been passed. The appellant has been afforded an opportunity to file his objections, if any, to the said order. In view of the fresh order passed by the respondent Board, the present appeal has become infructuous and the same is disposed of accordingly. Since we are not disposing of the appeal on merits, it is made clear that all the contentions raised by the parties will remain open. No costs.

Sd/-

Justice N.K. Sodhi

Presiding Officer

Sd/-

Arun Bhargava

Member

24.12.2007 bbn