9911796707
TMI Blog2016 (7) TMI 1690X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 representation of the appellant. When questioned as to whether there is any order passed by the WTM of SEBI, counsel for SEBI fairly stated that there is no order passed by the WTM of SEBI. Thus, it is evident that the WTM of SEBI permitted the Chief General Manager to issue a letter to the appellant that the representation made by the appellant has already been disposed off by the WTM of SEBI, when in fact no order was passed by the WTM of SEBI. In these circumstances, it is apparent tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pellant 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. Since we are distressed with the manner in which the WTM of SEBI has discharged his quasi judicial duties which is highly detrimental to the interests of the securities market, we direct the registry to forward a copy of this order to the Hon ble Finance Minister and also to the Chairman of SEBI for information-we disposed of the appeal in the aforesaid terms subject to payment of costs quantified at ₹ 1 lac to be paid by SEBI to the appellant within one week f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was taken up for hearing, counsel for SEBI tendered a letter dated July 8, 2016 and submitted that the said letter contains the reasons on the basis of which the competent authority viz the WTM of SEBI has rejected the representation of the appellant herein. On perusal of the said letter it was seen that it was not an order passed by the WTM of SEBI but only a communication issued by the Chief General Manager of SEBI recording the gist of the order allegedly passed by the WTM of SEBI. With a view to enable SEBI to furnish a copy of the order passed by the WTM of SEBI, we adjourned the matter to the post lunch session at 2.15 P.M. AT 2.15 P.M. no such order could be produced and, therefore, we adjourned the matter to July 13, 2016. 6. On ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the Chief General Manager to issue a letter to the appellant that the representation made by the appellant has already been disposed off by the WTM of SEBI, when in fact no order was passed by the WTM of SEBI. 10. In these circumstances, it is apparent that the WTM of SEBI sought to represent that he has already passed an order, when in fact there was no order passed by the WTM of SEBI. 11. As per the order passed by this Tribunal on May 6, 2016, the WTM of SEBI was required to pass an order by June 24, 2016. Accordingly, having heard the appellant on June 21, 2016, the WTM of SEBI was duty bound to pass an order by June 24, 2016. If for any administrative constraints it was not possible to pass an order within the stipulated time, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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