SooperKanoon Citation | sooperkanoon.com/58308 |
Court | SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT |
Decided On | Feb-06-2006 |
Judge | N Sodhi, C Bhattacharya, R Bhardwaj |
Appellant | Phiroze Sethna Pvt. Ltd., Jost'S |
Respondent | Adjudicating Officer, |
2. The learned senior counsel appearing for the appellants points out that the appellants nos. 3 and 4 are senior citizens and that one of them is 82 years of age and that it would be in the interest of justice if the adjudicating officer is directed to expedite the matter and pass the final order at the earliest. Having regard to the age of appellants nos. 3 and 4 we direct that the appellants may file their further reply, if any, before the adjudicating officer within two weeks from today. The adjudicating officer will then proceed in the matter and pass a final order within four weeks thereafter, after affording an opportunity of hearing to the appellants. It goes without saying that in case the order goes against the appellants, it would be open to them to challenge the same in accordance with law. There is no order as to costs.
3. Before parting we may mention that while admitting the appeal on September 2, 2005 this Tribunal directed the appellant to deposit a sum of Rs. 10 lakhs in all and the respondent was directed not to take any coercive steps against the appellant for the recovery of the balance.
In pursuance to that order the appellants deposited a sum of Rs. 10 laks with the respondent which amount was put in a fixed deposit. Now that the appeal has been disposed of as infructuous, the respondent is directed to refund the said amount to the appellants with interest that has accrued on the fixed deposit.