Jindal Dyechem Industries (P) Ltd. v. Union Of India & ORS

$~39 * IN THE HIGH COURT OF DELHI AT NEW DELHI + W.P.(C) 846/2016 & C.M.No.3759/2016 JINDAL DYECHEM INDUSTRIES (P) LTD.

..... Petitioner Through Mr.Gaurav Kumar with Mr.Ravi Ranjan, Advocates.

versus UNION OF INDIA & ORS ..... Respondents Through Mr.Nawal Kishore Jha, Advocate for R-1.

Mr.Neeraj Mlahotra with Mr.Rupal Luthra and Ms.Sakshi, Advocates for R-2.

Ms.Surekha Raman with Mr.Purshottam Kumar Jha, Advocates for R-3.

CORAM:

HON'BLE MR. JUSTICE MANMOHAN

O R D E R

% 04.02.2016 Present petition has been filed seeking quashing of letter dated 2nd January, 2015 whereby the Disciplinary Action Committee (DAC) of respondent no. 3 has levied a penalty of Rs. 13,54,372/-. Learned counsel for respondent no.3, who appears on advance notice, states that the present petition is not maintainable as the petitioner has an effective alternative remedy by way of an appeal to the Securities Appellate Tribunal under Section 23L of Securities Contracts (Regulation) Act, 1956.

At this stage, learned counsel for the petitioner states that he would like to withdraw the present writ petition with liberty to file an appeal.

With the aforesaid liberty, the present writ petition and the application are disposed of. However, the rights and contentions of all the parties are left open.

MANMOHAN, J FEBRUARY 04, 2016 KA