AI Structured Summary
Not yet generated for this judgment
Judgment
We have heard Mr. Amit Kakri, learned counsel for the appellant and Mr. Abhiraj Arora, learned counsel for the respondent through video
conference.
Three weeks time is allowed to the respondent to file a reply. Two weeks thereafter to the appellant to file rejoinder. The matter would be listed for
admission and for final disposal on January 12, 2021.
The appellant has been penalized for a sum of Rs. 5 lakhs for circular trading in the shares of Vani Commercials Limited (“VCL†for
convenience). A specific assertion was made by the appellant that the email address and the mobile numbers as well as the Baroda address have not
of the appellant and that he has never traded in the shares of VCL. The appellant has been found guilty of synchronized trading on the basis of certain
Know Your Client (“KYCâ€) documents obtained from National Securities Depository Limited (“NSDLâ€) and Central Depository Services
Limited (“CDSLâ€). Let a reply be filed by the respondent annexing all these documents to show that the appellant was actually the beneficiary of
the email accounts and the mobile numbers.
In view of the aforesaid, the effect and operation of the impugned order against the appellant shall remain stayed provided the appellant deposits a
sum of Rs. 2 lakhs before the respondent within four weeks from today. If the said amount is deposited the balance amount shall not be recovered
during the pendency of the appeal.
Parties are directed to take instructions from the Registrar 48 hrs. before the date fixed in order to find out as to whether the matter would be taken
up for hearing through video conference or through physical hearing.
The present matter was heard through video conference due to Covid-19 pandemic. At this stage it is not possible to sign a copy of this order nor a
certified copy of this order could be issued by the Registry. In these circumstances, this order will be digitally signed by the Presiding Officer on behalf
of the bench and all concerned parties are directed to act on the digitally signed copy of this order. Parties will act on production of a digitally signed
copy sent by fax and/or email.