9911796707
TMI Blog2013 (11) TMI 631X X X X Extracts X X X X X X X X Extracts X X X X ..... 0, 2012 and other connected documents which have been thoroughly relied upon by the learned adjudicating officer to come to the conclusion against the appellant in the impugned order and to hold him guilty of violation of Insider Trading Regulations were admittedly not supplied to the appellant either with show-cause notice or during the course of adjudication proceedings - This is evidently violation of principles of natural justice in as much as the appellant was not given an opportunity to confront these documents and to make his effective and proper defense on the same - Matter remanded back for fresh consideration - Decided in favour of Appellant. - 37 of 2013 - - - Dated:- 26-6-2013 - JOG SINGH AND A.S. LAMBA, JJ. For the Appel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing a same penalty on the appellant for violation of the insider trading regulations in question. 2. We have heard both the learned counsel for the parties at length. Shri Wassoodew, learned counsel for the appellant has vehemently argued that the appellant resigned as a Director from the said company on September 25, 2001 and, thereafter, he has been merely designated as a Compliance Officer. He is also designated as Principal Officer for mere compliance as required by the Money Laundering Act, 2002. The learned counsel for the appellant states that even his designation as Principal Officer will not make him a Director of the company in as much as he is only to perform duties of compliance in the matter of money laundering etc. Shri Wass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lation of Insider Trading Regulations were admittedly not supplied to the appellant either with show-cause notice or during the course of adjudication proceedings. 5. This is evidently violation of principles of natural justice in as much as the appellant was not given an opportunity to confront these documents and to make his effective and proper defense on the same. In this view of the matter, without expressing any view on the merits of the case, we remand the matter back to the respondent for reconsideration after supplying the additional documents to the appellant, after seeking his reply thereto and affording him reasonable opportunity of hearing, the learned adjudicating officer may pass an appropriate order as per law. 6. Lastly ..... X X X X Extracts X X X X X X X X Extracts X X X X
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