BEFORE THE SECURITIES APPELLATE TRIBUNAL

MUMBAI


Date of Decision : 27.08.2014

Appeal No. 94 of 2014

Shri J ayesh Shah
C/o. Suresh Veljibhai Bhatt,
At & Post Goladhar,
Taluka & Dist. J unagadh 362 011.



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

WITH
Appeal No. 95 of 2014
Shri Tushar Shah
Nakula Chanda Giri,
Near Arti Hospital,
Weigh Bridge Road,
At Sundra, Post Barbil,
Dist. Keonjhar,
Odisha 758 035






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

AND
Appeal No. 96 of 2014
Shri Parag Shah
Tulsidham Society
Darshnna Apt.,
Bh. Shishubharati School,
Room B-2, Una
Gujarat.





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. R.P. Bhatt, Senior Advocate with Mr. S.K. Shelat, Advocate for the
Appellant in Appeal Nos. 94 to 96 of 2014.

Mr. Kumar Desai, Advocate with Mr. Mihir Mody, Advocate for the
Respondent in Appeal Nos. 94 to 96 of 2014.

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2
CORAM : J ustice J .P. Devadhar, Presiding Officer
J og Singh, Member
A.S. Lamba, Member

Per : J .P. Devadhar (Oral)

1. In these three appeals appellants have challenged common order
passed by Adjudicating Officer of SEBI (ex parte) on October 1, 2012
whereby penalty of Rs. 1.5 crore has been imposed upon each of the
appellants. In view of the controversy regarding service of the show cause
notice before passing the impugned order, counsel for the parties state that
the impugned order may be set aside without recording any reason and
restored to the file of SEBI for passing fresh order in accordance with law.
2. Accordingly, impugned order dated October 1, 2012 is quashed and
set aside and the matters relating to three appellants are restored to the file
of SEBI for passing fresh order on merits and in accordance with law after
giving personal hearing to the appellants. Learned senior counsel for
appellant states that service of any notice be effected by SEBI on the
appellants addresses as shown in the respective memo of appeals.
3. Since earlier appeals filed by appellants being Appeal nos. 35 to 37
of 2014 were allowed to be withdrawn with liberty to file fresh appeals,
refund of court fees paid in those appeals is granted as per law.
4. All these Appeals are 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
27.08.2014
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