SAT asks Sebi to pass fresh order in Safari Industries case

The Securities Appellate Tribunal has set aside a Sebi order against 12 entities and asked the market regulator to pass fresh ruling 'as expeditiously as possible' in the case of Safari Industries (India) Ltd.
Sebi, in January, had slapped a fine of Rs 2 lakh each on 12 entities for their alleged failure to make shareholding disclosures within the requisite timeline.
These entities were promoters of Safari Industries "at the relevant point of time" (2006).
The two sides approached SAT and requested the tribunal to 'quash and set aside' the ruling of Sebi as various discrepancies were noticed in the impugned order.

"In view of various discrepancies noticed in the impugned order, counsel on both sides state that the impugned order may be quashed and set aside without recording reasons and the matter be restored to the file of Adjudicating Officer for passing fresh order on merits and in accordance with law," SAT noted.
Consequently, SAT in its order dated October 1 said that "impugned order dated January 29, 2014 is quashed and set aside and the matter is restored to the file of Adjudicating Officer of Sebi for passing fresh order on merits and in accordance with law after giving personal hearing to the appellant."

"Fresh order on merits be passed as expeditiously as possible and preferably within four months from today," it added.
Among the 12 entities are -- Amul Sumatichandra Mehta, Yugesh Sumatichandra Mehta, Akul Yugesh Mehta, Jayendra Yugesh Mehta, Mrudula Amul Mehta, Maitri Amul Mehta, Rachna Amul Mehta, Sunali Yugesh Mehta, Senator Investment, Touristor Investments, Yug Investment and Amul Sumatichandra Mehta-HUF.