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BEFORE THE SECURITIES APPELLATE TRIBUNAL

MUMBAI


Appeal No. 238 of 2014

Date of Decision : 09.09.2014


Rusoday Securities Limited
1/1A, Biplabi Anukul Chandra Street,
5
th
Floor, Room No. 5G,
Kolkata 700 027.




Appellant

Versus

1. National Stock Exchange of India Limited
Exchange Plaza, Plot No. C/1, G Block,
Bandra-Kurla Complex, Bandra (East),
Mumbai 400 051.

2. Securities and Exchange Board of India
SEBI Bhavan, Plot No. C-4A, G Block,
Bandra Kurla Complex, Bandra (East),
Mumbai - 400 051.







Respondents



Mr. Zal T. Andhyarujina, Advocate with Mr. J oby Mathew, Advocate for
the Appellant.

Mr. E.P. Bharucha, Senior Advocate with Mr. Cyrus Bharucha, Mr. Sachin
Chandrana, Mr. Rashid Boatwala and Mr. Amit Chouhan, Advocates for
Respondent No. 1.

Dr. Mrs. Poornima Advani, Advocate with Mr. Manish Chhangani,
Advocate for Respondent No. 2.



CORAM : J ustice J .P. Devadhar, Presiding Officer
J og Singh, Member
A.S. Lamba, Member

Per : J .P. Devadhar (Oral)


1. Grievance of the appellant in this appeal is that after expelling the
appellant from trading on the Exchange with effect from J anuary 5, 2006,
the respondent no. 1 has not released the securities belonging to the
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appellant and its constituents till date in spite of repeated requests made by
the appellant. Appellant is also aggrieved by the communication of SEBI
dated May 20, 2014 whereby the complaint filed by the appellant against
respondent no. 1 has been rejected without assigning any reason. In the
complaint it was alleged that the respondent no. 1 has withheld the securities
/ pay-outs due to the appellant as well as its investors all these years without
any justification.

2. Mr. Bharucha, learned senior counsel for respondent no. 1, on
instructions, states that although the reasons for withholding the securities /
pay-outs are set out in the affidavit-in-reply, respondent no. 1 would hear
the appellant and pass an order by the end of October 2014 on the question
relating to withholding of securities / pay-outs due to the appellant and its
constituents. Statement made by counsel for respondent no. 1 is accepted.

3. Appeal is disposed of in above terms with no order as to costs.



Sd/-
J ustice J .P. Devadhar
Presiding Officer


Sd/-
J og Singh
Member


Sd/-
A.S. Lamba
Member

09.09.2014
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