9911796707
TMI Blog2016 (7) TMI 1690X X X X Extracts X X X X X X X X Extracts X X X X ..... this Tribunal are dealt with by the Whole Time Member ('WTM' for short) of Securities and Exchange Board of India ('SEBI' for short). 2. This Tribunal on May 6, 2016 disposed of Appeal nos. 90 (appellant herein) and 97 of 2016 by recording the statement made by counsel of SEBI that the representations made by the appellants therein would be heard and disposed of within seven weeks from that day. 3. Although one WTM of SEBI gave opportunity of hearing to the appellant on June 21, 2016, no order was passed till June 24, 2016, the date on which seven weeks from May 6, 2016 expired. The WTM of SEBI did not bother to seek extension of time from this Tribunal for passing the order. 4. It is only when the present appeal was mentioned on July 7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... said file noting, we adjourned the matter to July 15, 2016. 7. Today, when the appeal is taken up for hearing, counsel for SEBI tendered affidavit filed by the Chief General Manager of SEBI. In the said affidavit it is stated that the WTM had instructed that a note be prepared and accordingly, a note was prepared and put up for approval of WTM on June 23, 2016. It is further stated in the said affidavit that alongwith the said note, draft letters to be sent out to the appellant were also placed before the WTM of SEBI. The said note as also draft letters were approved by the WTM on June 27, 2016 and, accordingly, letter dated July 8, 2016 was issued to the appellant, thereby communicating the decision of the WTM of SEBI disposing off the re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r. 12. Since the WTM of SEBI has not passed any order, we would have directed the WTM of SEBI who had heard the appellant on June 21, 2016 to pass an order immediately. However, we are informed that the said WTM of SEBI is travelling. 13. In these circumstances, we quash the letter issued by the Chief General Manager on July 8, 2016 and direct SEBI to assign the matter to any other responsible WTM of SEBI who shall pass an order on the representation of the appellant within two weeks from today after giving an opportunity of hearing to the appellant. It would be open for such WTM of SEBI to hear the representation of the appellant as also the representation made by the Respondent No. 2 together and pass appropriate order thereon. 14. Sin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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