SEBI Vs. ROOPRAM SHARMA

JUDGEMENT

(1.) THE Appellant, aggrieved by the Order dated 19.09.2002 passed by the Securities Appellate Tribunal, Mumbai, in Appeal No. 20 of 2002 setting aside the direction given by the Appellant prohibiting the Respondent from accessing capital market and dealing in securities market, has preferred this appeal. Facts lie in a narrow compass.

(2.) THE Chairman of the Appellant, the Securities and Exchange Board of India, passed Order dated 19.02.2002 prohibiting Roopram Sharma, Respondent herein, from accessing the capital market and dealing in securities for a period of three years. He challenged the same by way of an appeal before the Securities Appellate Tribunal, Mumbai. The Tribunal on facts found that the company's public issue was designed to defraud the investing public and the issue was manipulated and the said Roopram Sharma was involved in that. Relevant portion of the finding of the Tribunal in this regard reads as follows:

(3.) DESPITE service of notice, nobody has chosen to appear on behalf of the Respondent.