BEFORE THE SECURITIES APPELLATE TRIBUNAL

MUMBAI


Appeal No. 77 of 2014

Date of Decision : 01.10.2014


1. Amul Sumatichandra Mehta
2. Yugesh Sumatichandra Mehta
3. Akul Yugesh Mehta
4. Jayendra Yugesh Mehta
5. Mrudula Amul Mehta
6. Maitri Amul Mehta
7. Rachna Amul Mehta
8. Sunali Yugesh Mehta
9. M/s Senator Investment Private Limited
10. M/s Tourister Investments Private Limited
11. M/s Yug Investment Private Limited
12. Amul Sumatichandra Mehta - HUF


Appellant Nos. 1, 5, 6, 7, 10, 12 :
Address : 71, Iona, 35/C2 Azad Road, Juhu,
Mumbai 400 049.


Appellant Nos. 2, 3, 4, 8, 11 :
Address 201, Riviera, Gandhigram Road,
Juhu, Mumbai 400 049.


Appellant No. 9 :
Address 101, Riviera, Gandhigram Road,
Juhu, Mumbai 400 049.























Appellants


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. R.S. Loona, Advocate with Mr. Abhishek Borgikar, Advocate for
Appellants.

Mr. Kumar Desai, Advocate with Mr. Mihir Mody and Mr. Rushin Kapadia,
Advocates for the Respondent.


CORAM : Justice J.P. Devadhar, Presiding Officer
Jog Singh, Member
A.S. Lamba, Member

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2

Per : J.P. Devadhar (Oral)


1. This appeal is filed to challenge order passed by Adjudicating Officer
of Respondent on January 29, 2014 whereby monetary penalty of Rs. 2 lac
is imposed upon each of the 12 appellants under the provisions of Section
15A(b) of the Securities and Exchange Board of India Act, 1992.

2. In view of various discrepancies noticed in the impugned order,
counsel on both sides state that the impugned order may be quashed and set
aside without recording reasons and the matter be restored to the file of
Adjudicating Officer for passing fresh order on merits and in accordance
with law.

2. Accordingly, impugned order dated January 29, 2014 is quashed
and set aside and the matter is restored to the file of Adjudicating Officer of
SEBI for passing fresh order on merits and in accordance with law after
giving personal hearing to the appellant. Fresh order on merits be passed as
expeditiously as possible and preferably within four months from today.

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


Sd/-
Justice J.P. Devadhar
Presiding Officer


Sd/-
Jog Singh
Member


Sd/-
A.S. Lamba
Member

01.10.2014
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