JUDGMENT:

WITH

CIVIL APPEAL NO. 1704 OF 2006

H.L. Somany and others.- Appellants

Versus

The Securities and Exchange Board of India and others - Respondents

AND

CIVIL APPEAL NO. 1740 OF 2006

R.K. Somany and others -Appellants

Versus

The Securities and Exchange Board of India and others - Respondents

B.P.SINGH, J.

1. This batch of appeals has been preferred by the appellants under Section 15Z of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the Act) impugning the common judgment and order of the Securities Appellate Tribunal, Mumbai dated December 8, 2005 disposing of eleven appeals before it. While Civil Appeal No.1672/2006 arises out of Appeal Nos. 134 and 138 of 2005; Civil Appeal No.1704/2006 has been filed against Appeal Nos. 137, 159, 160, 161 and 164 of 2005 and Civil Appeal No.1740 of 2006 has been filed against Appeal Nos. 158, 162, 163 and 139 of 2005. The Appellate Tribunal by its impugned judgment and order dismissed all the appeals.

2. The grievance of the appellants before the Securities Appellate Tribunal was that the Securities and Exchange Board (hereinafter referred to as the Board) as well as the Merchant Banker had not properly valued th