A G Shares And Securities Ltd. vs Sebi

BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Date : 2.5.2017

Misc. Application No.345 of 2016 In Review Application No.10 of 2016 In Appeal No.230 of 2014 A G Shares and Securities Ltd. Shop No.1, Block No.20/4, 1st Floor, Maruti Tower, ..... Applicant Sanjay Place, Agra - 282 002. (Org.Appellant)

Versus

1.

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

2. National Stock Exchange of India Ltd. Exchange Plaza, Bandra-Kurla Complex, Bandra East, Mumbai - 400 051.

3. U.P. Stock and Capital Limited (UPSE) (Formerly known as The U.P. Stock Exchange Association Limited and then U.P. Stock Exchange Limited) Padam Towers, 14/113, Civil Lines, Kanpur - 208 001. ...... Respondents None for the Applicant/ Original Appellant.

Mr. Kumar Desai, Advocate with Mr. Anubhav Ghosh, Advocate i/b. The Law Point for the Respondent no.1.

Mr. Rashid Boatwalla, Advocate with Ms. Sneha Herwade, Advocate i/b. Manilal Kher Ambalal & Co. for the Respondent no.2. None for Respondent No.3.

CORAM : Justice J.P. Devadhar, Presiding Officer Jog Singh, Member Dr. C.K.G. Nair, Member

Per : Justice J.P. Devadhar (Oral)

Misc. Application No.345 of 2016

This Miscellaneous Application is taken out seeking condonation of 31

days delay in filing this Review Application. For the reasons stated in the

Misc. Application No.345 of 2016 the delay is condoned. The Misc.

Application is disposed of accordingly. 2

Review Application No.10 of 2016 in Appeal No.230 of 2014

1. As per the request made by the applicant the Review Application is

disposed of on the basis of the written submissions filed by the applicant.

2. Appeal No.230 of 2014 was filed by the applicant to challenge the

recovery certificate issued by SEBI on 22.5.2014 in implementation of the

orders passed by SEBI from time to time. That appeal was dismissed by this

Tribunal on 1.10.2014 on the ground that the appeal was frivolous and

infructuous as SEBI had already recovered the amounts due to it from NSE.

Accordingly, while dismissing the appeal costs of 10,000 was also imposed.

3. Admittedly the applicant has paid the costs of Rs.10,000/- to SEBI.

4. In the Review Application and also in the written submissions, the

applicant has sought to contend that the demands raised by SEBI were contrary

to law and consequently the recovery certificate was unsustainable.

5. As noted earlier, the appeal was filed to challenge the recovery

certificate and not the demands raised in the orders passed by SEBI. Even in

the order dated 1.10.14, this Tribunal had not gone into the merits of the

original orders passed by SEBI. Therefore, in the Review Application, the

applicant is not justified in seeking to find fault in the original orders passed by

SEBI which were not the subject matter of appeal.

6. In these circumstances, we see no merit in the Review Application and

the same is dismissed with no order as to costs.

Sd/-

Justice J. P. Devadhar Presiding Officer

Sd/-

Jog Singh Member

Sd/-

Dr. C.K.G.Nair Member 2.5.2017 Prepared and compared by RHN