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    In The Matter of Veena N. Kotecha

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    Shyam Sunder
    The Securities Appellate Tribunal heard appeals from Veena N. Kotecha, Manilal D. Kotecha, White Water Management Services Pvt. Ltd., Teakwood Management Services Pvt. Ltd., and Viral Doshi challenging orders from the Securities and Exchange Board of India (SEBI) that found them guilty of aiding and abetting Nirmal Kotecha in violating securities laws. However, proceedings against Nirmal Kotecha were still pending and no final decision had been made regarding his culpability. Therefore, the Tribunal allowed the appeals to be withdrawn with liberty to file fresh appeals if SEBI passes a final order against Nirmal Kotecha in the future.

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    In The Matter of Veena N. Kotecha

    Uploaded by

    Shyam Sunder
    116 views4 pages
    The Securities Appellate Tribunal heard appeals from Veena N. Kotecha, Manilal D. Kotecha, White Water Management Services Pvt. Ltd., Teakwood Management Services Pvt. Ltd., and Viral Doshi challenging orders from the Securities and Exchange Board of India (SEBI) that found them guilty of aiding and abetting Nirmal Kotecha in violating securities laws. However, proceedings against Nirmal Kotecha were still pending and no final decision had been made regarding his culpability. Therefore, the Tribunal allowed the appeals to be withdrawn with liberty to file fresh appeals if SEBI passes a final order against Nirmal Kotecha in the future.

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    In the matter of Veena N. Kotecha

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    The Securities Appellate Tribunal heard appeals from Veena N. Kotecha, Manilal D. Kotecha, White Water Management Services Pvt. Ltd., Teakwood Management Services Pvt. Ltd., and Viral Doshi challenging orders from the Securities and Exchange Board of India (SEBI) that found them guilty of aiding and abetting Nirmal Kotecha in violating securities laws. However, proceedings against Nirmal Kotecha were still pending and no final decision had been made regarding his culpability. Therefore, the Tribunal allowed the appeals to be withdrawn with liberty to file fresh appeals if SEBI passes a final order against Nirmal Kotecha in the future.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    116 views4 pages

    In The Matter of Veena N. Kotecha

    Uploaded by

    Shyam Sunder
    The Securities Appellate Tribunal heard appeals from Veena N. Kotecha, Manilal D. Kotecha, White Water Management Services Pvt. Ltd., Teakwood Management Services Pvt. Ltd., and Viral Doshi challenging orders from the Securities and Exchange Board of India (SEBI) that found them guilty of aiding and abetting Nirmal Kotecha in violating securities laws. However, proceedings against Nirmal Kotecha were still pending and no final decision had been made regarding his culpability. Therefore, the Tribunal allowed the appeals to be withdrawn with liberty to file fresh appeals if SEBI passes a final order against Nirmal Kotecha in the future.

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    BEFORE THE SECURITIES APPELLATE TRIBUNAL

    MUMBAI
    DATE : 12.12.2014

    Appeal No. 48 of 2014


    Veena N. Kotecha
    601, Sukh Castle,
    Bhandarkar Road, Matunga (CR),
    Mumbai 400 019.

    .. Appellant

    Versus
    Securities and Exchange Board of India
    SEBI Bhavan, Plot No. C-4A, G Block,
    Bandra Kurla Complex, Bandra (East),
    Mumbai - 400 051.

    Respondent

    Mr. Ankit Lohia, Advocate i/b Crawford Bayley & Co. for the Appellant.
    Mr. Kumar Desai, Advocate with Ms. Harshada Nagare, Advocate i/b
    Daya Gupta for the Respondent.

    With
    Appeal No. 49 of 2014
    Manilal D. Kotecha
    601, Sukh Castle, Bhandarkar Road,
    Matunga (CR), Mumbai 400 019.

    .. Appellant

    Versus
    Securities and Exchange Board of India
    SEBI Bhavan, Plot No. C-4A, G Block,
    Bandra Kurla Complex, Bandra (East),
    Mumbai - 400 051.

    Respondent

    Ms. Manik Joshi, Advocate with Ms. Nimisha Rao, Advocate i/b
    Crawford Bayley & Co. for the Appellant.
    Mr. Kumar Desai, Advocate with Ms. Harshada Nagare, Advocate i/b
    Daya Gupta for the Respondent.

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    With
    Appeal No. 52 of 2014
    White Water Management Services Pvt. Ltd.
    (formerly known as Nishwet Management
    Services Pvt. Ltd.)
    601, Plot No. 371, Sukh Castle,
    Opp. HDFC Bank, Bhandarkar Road,
    Matunga, Mumbai 400 019.

    .. Appellant

    Versus
    Securities and Exchange Board of India
    SEBI Bhavan, Plot No. C-4A, G Block,
    Bandra Kurla Complex, Bandra (East),
    Mumbai - 400 051.

    Respondent

    Mr. Gaurav Joshi, Senior Advocate i/b Crawford Bayley & Co. for the
    Appellant.
    Mr. Kumar Desai, Advocate with Ms. Najma Shaikh, Mr. Manish
    Acharya,

    Ms. Khushboo J. Tatia, Advocates i/b Vigil Juris for the

    Respondent.

    With
    Appeal No. 54 of 2014

    Teakwood Management Services Pvt. Ltd.


    (Formerly known as Nirman Management
    Services Pvt. Ltd.)
    601, Plot No. 371, Sukh Castle,
    Opp. HDFC Bank, Bhandarkar Road,
    Matunga, Mumbai 400 019.

    .. Appellant

    Versus
    Securities and Exchange Board of India
    SEBI Bhavan, Plot No. C-4A, G Block,
    Bandra Kurla Complex, Bandra (East),
    Mumbai - 400 051.

    Respondent

    Mr. P. N. Modi, Senior Advocate with Mr. Neville Lashkari, Advocate i/b
    Crawford Bayley & Co. for the Appellant.
    Mr. Kumar Desai, Advocate with Ms. Najma Shaikh, Mr. Manish
    Acharya,
    Respondent.

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    Ms. Khushboo J. Tatia, Advocates i/b Vigil Juris for the

    With
    Appeal No. 186 of 2014
    Ms. Viral Doshi
    601, Sukh Castle, Bhandarkar Road,
    Matunga, Mumbai 400 019.

    .. Appellant

    Versus
    Securities and Exchange Board of India
    SEBI Bhavan, Plot No. C-4A, G Block,
    Bandra Kurla Complex, Bandra (East),
    Mumbai - 400 051.

    Respondent

    Mr. P. N. Modi, Senior Advocate with Mr. Neville Lashkari, Advocate i/b
    Crawford Bayley & Co. for the Appellant.
    Mr. Kumar Desai, Advocate with Ms. Najma Shaikh, Mr. Manish
    Acharya,

    Ms. Khushboo J. Tatia, Advocates i/b Vigil Juris for the

    Respondent.

    CORAM : Justice J. P. Devadhar, Presiding Officer


    Jog Singh, Member
    A. S. Lamba, Member

    Per : Justice J. P. Devadhar (Oral)

    1.

    Appellants in all these appeals have challenged the orders passed by

    SEBI wherein the appellants are held guilty of aiding and abetting one Mr.
    Nirmal Kotecha in violating various provision of securities law framed by
    SEBI.

    Admittedly, proceedings against Mr. Nirmal Kotecha are still

    pending and final decision is yet to be taken. In the absence of any


    decision holding Mr. Nirmal Kotecha guilty of violating securities laws,
    appellants cannot be said to have aiding and abetting Mr. Nirmal Kotecha
    in violating securities laws. In these circumstances, counsel for respective
    appellant seek to withdraw the appeals with liberty to file fresh appeals as
    and when final decision is taken by SEBI in case of Mr. Nirmal Kotecha.
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    2.

    Accordingly, we permit the appellants to withdraw the appeals

    with liberty to file fresh appeals as and when SEBI passes final order in
    the case of Mr. Nirmal Kotecha. All five appeals are allowed to be
    withdrawn with liberty as prayed. No costs.

    3.

    All contentions of both the sides are kept open.

    Sd/Justice J. P. Devadhar
    Presiding Officer

    Sd/Jog Singh
    Member

    Sd/A. S. Lamba
    Member
    12.12.2014
    Prepared & Compared by
    PTM

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