1. These appeals are directed against the order passed by SEBI on 29-11-2002. The Respondent held the Appellants guilty of violating certain provisions of the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 1995 (the FUTP Regulations) and debarred them from "accessing and being associated with the capital market for a period of five years" with effect from the date of the impugned order.

2. SEBI has stated the background leading to the adjudication and issuance of the impugned order as follows :

"Investigations were conducted by SEBI into the affairs relating to buying, selling and dealing in the shares of M/s. Manu Finlease Ltd. (MFL) which entered the capital market with a public issue of 21,00,000 shares of Rs.10 each for cash at par. The issue remained open from 14-10-1995 to 18-10-1995. As per the prospectus dated 5-9-1995 the directors of MFL were Shri A.K. Jindal, Shri P.K. Kapoor, Shri R.K. Aggarwal, Shri J.K. Garg & Smt. Ritu Garg. The Lead Manager to Public Issue was M/s. Doogar & Associates and the Registrar to the Issue was M/s. SPS Data Products Ltd.

As per 3 day report filed on