SC throws lifeline to banned Cheneena

SEBI had also frozen 20 lakh shares of Cheneena Impex,along with 30 entities lying in Demat accounts for that period.

A bench headed by Chief Justice S H Kapadia directed SEBI to give Cheneena Impex a fresh hearing. It also set aside an order of the Securities and Appellate Tribunal,which had upheld the SEBI ban.

8220;We are of the view that one more chance should be given to the appellants. Appellant Cheneena Impex would have to file documents on the objections raised by SEBI,8221; the court said,giving Cheneena Impex six weeks8217; time to file its documents before the market regulator.

The court8217;s direction came over a petition filed by Cheneena Impex,challenging a SEBI order that had,in 2009,permanently frozen its shares in Aastha Broadcasting.

Senior advocate Rohinton Nariman,appearing for the trading firm,asked the apex court to direct SEBI to decide its case de novo consideration. He further said that SEBI had passed the order ex-parte,without giving them a chance to be heard.