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TMI Blog2015 (6) TMI 858X X X X Extracts X X X X X X X X Extracts X X X X ..... es of appellant may harm the interests of investors. Assuming that the financial crisis of the appellant is genuine, permitting the investors to trade in the securities of the appellant without disclosing the unaudited financial status of the appellant would be hazardous to the interests of the investors as well as the securities market and contrary to the policy decision of SEBI. - Decided against the appellant. - Appeal No. 133 of 2015 - - - Dated:- 24-2-2015 - J. P. Devadhar and Jog Singh, JJ. For The Appellant : Mr. Joby Mathew, Advocate with Mr. Deepak Dhane, Mr. Pratyush Ranjan, Advocates i/b Halai Co. For The Respondent : Mr. Rashid Boatwalla, Advocate with Ms. Aditi Kamath, Advocate i/b Manilal Kher Ambalal Co., Mr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal reconstruction process undertaken by the company to accrete (sic) funds through the prospective investors and loss of huge amount of workforce due to high attrition rate, which are beyond the control of the appellant company and that the appellant company is proactively and aggressively pursuing all the fronts to revitalize the company and make it walk out of the vicious standstill and that there is no malafide intention on appellant s part in doing so . 3. It is not in dispute that for not submitting the unaudited financial statements within the stipulated date, penalty as per SEBI Circular dated September 30, 2013 has been imposed upon the appellant from time to time. Inspite of imposing penalty from time to time, the appellant has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l statements for three quarters inspite of repeated penalties imposed against the appellant, then, it is all the more necessary to suspend the trading in the securities of the appellant immediately, because, any delay in suspending the trading in the securities of appellant may harm the interests of investors. Assuming that the financial crisis of the appellant is genuine, permitting the investors to trade in the securities of the appellant without disclosing the unaudited financial status of the appellant would be hazardous to the interests of the investors as well as the securities market and contrary to the policy decision of SEBI. 7. In these circumstances, we see no merit in the present appeal and the same is hereby dismissed with n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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