ORDER
C. Achuthan, Presiding Officer
1. The present appeal is directed against the common order dated 31.7.2002 made by the Adjudicating Officer imposing a total penalty of five lakh rupees on the Appellant and three other companies, holding them guilty of violation of regulation 10 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulation 1997. The said violation of regulation 10 is stated to be in the context of acquisition of shares of a company viz. Aftek Infosys Ltd. by them. The Appellant and the other companies preferred appeals against the order. The appeals filed by the other three companies have been heard. The Appellant desired that its appeal be delinked from the batch of the other three appeals and heard separately. Accordingly the appeal was taken up for consideration today.
2. When the matter was taken up, the text of the Minutes of the adjudication proceedings recorded on 23.10.2001 was brought to the notice of the Tribunal. As per the said Minutes –
“Shri P.N. Modi, Counsel made submissions on the lines of reply. He stated that JDP Shares and Finance acted independently and dealt directly with Shri Ranjit Dhuru and not in concert with others as alleged in the show cause notice under reference. In support of his submissions, he relied on certain documents. Arguments are incomplete and evidence may be required.
The matter is adjourned. The date for next hearing will be communicated separately.”
(emphasis supplied)
3. The adjudicating officer having recorded that the arguments are incomplete and evidence may be required, had adjourned the matter. For some reason “next hearing” did not take place and “the incomplete argument” was also not completed, but the adjudication order was passed on 31.7.2002.
4. In this context, learned Counsel appearing for the Respondent submitted that the Respondent is ready to hear the Appellant’s case afresh, in case the Tribunal decides to remand the matter for the purpose. Learned Counsel appearing for the Appellant also submitted that as the Respondent is prepared to hear the matter afresh, this Tribunal may remand the matter.
5. In view of the above, the Respondent is directed to hear the matter afresh and decide the charges preferred against the Appellant, covered in the show cause notice dated 23.10.2001. The parties are at liberty to adduce evidence, if so desired.
6. The case relating to the Appellant is remanded to the Adjudicating Officer to consider the same afresh. That part of the order, relating/applicable to the Appellant is accordingly set aside.
7. Appeal disposed of in the above lines.