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In The Matter of Jayesh P. Khandwala HUF
In The Matter of Jayesh P. Khandwala HUF
MUMBAI
Date of Decision: 16.12.2014
Appeal No. 184 of 2013
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
1.
order it is seen that the WTM has directed the appellants to disgorge the
unlawful gain with interest as the interest at the rate of 12% per annum
for 8 years (2005-2013) whereas, in the earlier round of litigation, the
same WTM had directed the appellants to disgorge the unlawful gain
with interest at 6% per annum. No reasons are set out in the impugned
order for the increase in the interest rate.
2.
3.
for SEBI requests that the impugned order be set aside with liberty to the
WTM to pass fresh order on merits after hearing the appellants.
4.
made by the counsel for the respondent, requests that the debarment
imposed under para 23(d) of the impugned order may also be lifted as
has been done in the earlier round of litigation.
5.
As per the request made by counsel on both sides, we set aside the
impugned order dated August 12, 2013 and direct the WTM of SEBI to
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pass fresh order on merits and in accordance with law after hearing the
appellants within a period of three months from today. However, in view
of the fact that debarment under para 23(d) of the impugned order has
been in operation upto this date, we direct that till the expiry of three
months from today, the appellants shall continue to be debarred from
accessing the securities market or from buying or selling or dealing in
securities in any manner whatsoever as more particularly set out in para
23(d) of the impugned order.
6.
7.
8.
Sd/Jog Singh
Member
Sd/A S Lamba
Member
16.12.2014
Prepared & Compared By: PK