Securities and Exchange Board of India vs Gold Multifab Ltd.

We have heard Mr. Chander Uday Singh, learned Senior Counsel for the Appellant and Mr. Rajeev Kumar, learned Counsel for the Respondents. We are of the opinion that the Securities Appellate Tribunal, Mumbai, (hereinafter referred to as 'the Tribunal') ought to have recorded its independent finding in regard to the contraventions of Sections 69, 73(3A) and 77 of the Companies Act 1956, with reference to the show cause notice before going into the question of jurisdiction of the Securities and Exchange Board of India (for short 'SEBI').

On this ground alone, we set aside the impugned order dated 19.09.2003 of the Tribunal passed in (2003) 4 CompLJ 361 and remand the matter back for its reconsideration.

Needless to state that while reconsidering the matter, the Tribunal shall not be influenced by any of the observations made by it in the impugned order. We expect the Tribunal to decide the matter on merit in accordance with law expeditiously preferably within a period of six months from the date of receipt/production of copy of this order.

Registry is directed to send the copy of this order to the said Tribunal forthwith. With the aforesaid directions, the appeal stands disposed of.