9911796707
TMI Blog2015 (6) TMI 814X X X X Extracts X X X X X X X X Extracts X X X X ..... ad in fact sought cross-examination of Mr. Devi Dutt, in our opinion, in view of the fact that the Appellant had sought cross-examination of all persons whose statements were taken on record including the statement of Branch Manager of BHOB, Ahmedabad Branch, it is evident that Appellant had sought cross-examination of Mr. Devi Dutt. Since statement of Mr. Devi Dutt played a dominant role in passing the impugned order, it would not be proper to proceed with hearing of the Appeal on merits without permitting the Appellant to cross-examine Mr. Devi Dutt. - Order of SEBI dated 14/3/2014 is quashed and set aside and the matter is restored to the file of SEBI for passing fresh order on merits after giving an opportunity to the Appellant to cross ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erits. Accordingly, the impugned order dated 14th March, 2014 is passed by SEBI which is challenged in the present Appeal. 5. Admittedly, in the earlier order dated 22/6/2007, SEBI had not relied upon the statement of Mr. Devi Dutt, Chief Manager of Bharat Overseas Bank (BHOB), Ahmedabad Branch. In the impugned order, however, reliance is placed by SEBI on the statement of Mr. Devi Dutt, Chief Manager of BHOB, Ahmedabad Branch. 6. Admittedly, during the course of investigation, Appellant by a letter dated 8/1/2007 had sought cross-examination of all persons whose statements were recorded including cross-examination of BHOB Ahmedabad Branch Manager . Although, name of Mr. Devi Dutt, Chief Manager of BHOB, Ahmedabad Branch was not spec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot be proper to proceed with hearing of the Appeal on merits without permitting the Appellant to cross-examine Mr. Devi Dutt. 9. Accordingly, the impugned order of SEBI dated 14/3/2014 is quashed and set aside and the matter is restored to the file of SEBI for passing fresh order on merits after giving an opportunity to the Appellant to cross-examine Mr. Devi Dutt, if SEBI chooses to rely upon the said statement of Mr. Devi Dutt. 10. In view of the fact that considerable time has elapsed from the date of the alleged violation, we direct SEBI to pass appropriate order on merits as expeditiously as possible and preferably within a period of four months from today. All contentions kept open. 11. Appeal is disposed of in the above term ..... X X X X Extracts X X X X X X X X Extracts X X X X
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