Abhisek Jaiswal vs Sebi
- CitationAppeal No. 645 of 2022
Ratio decidendi
The rule this decision rests on
The appeal, being an illiquid stock option matter falling within the SEBI Settlement Scheme, 2022 under Regulation 26 of the SEBI (Settlement Proceedings) Regulations, 2018, is governed by the Tribunal's earlier decision in Dhanwantri Suppliers Pvt. Ltd. v. SEBI, so that the Tribunal disposes of the appeal on that basis without adjudicating the merits of the underlying contravention. Where an appeal is covered by a settlement scheme and by a previously decided Tribunal ruling, the appropriate course is to dispose of the appeal and direct the appellant to apply for settlement within a fixed period, with the authority then required to treat that application as one filed in a pending proceeding and to pass appropriate orders upon it.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Date of Decision : 30.09.2022 Misc. Application No. 1052 of 2022 And Appeal No. 645 of 2022 Abhisek Jaiswal House No. 59, Sashi Bhushan Dey Street, Muchipara, Kolkata - 700 012. ..... Appellant Versus Securities and Exchange Board of India SEBI Bhavan, Plot No. C-4A, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. ... Respondent Ms. Rinku Valanju, Advocate with Mr. Sumit Yadav, Advocate i/b R V Legal for the Appellant. Mr. Gaurav Joshi, Senior Advocate with Mr. Abhiraj Arora, Mr. Shourya Tanay, Advocates i/b ELP for the Respondent. CORAM : Justice Tarun Agarwala, Presiding Officer Ms. Meera Swarup, Technical Member Per : Justice Tarun Agarwala, Presiding Officer (Oral) 1. This appeal is categorized as an illiquid stock option matter and is covered by a settlement scheme issued in terms of the 2 Regulation 26 of Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018 which is called SEBI Settlement Scheme, 2022 and is also squarely covered by our decision in Appeal No. 401 of 2022 Dhanwantri Suppliers Pvt. Ltd. vs. SEBI decided on August 23, 2022. 2. In view of the aforesaid, we dispose of the appeal directing the appellant to file an appropriate application for settlement before the authority concerned within two weeks from today. If the same is filed, the authority will accept the settlement application in terms of proposed SEBI Settlement Scheme 2022 as an application filed in a pending proceeding and pass appropriate orders. The appeal is disposed of. 3. This order will be digitally signed by the Private Secretary on behalf of the bench and all concerned parties are directed to act on the digitally signed copy of this order. Certified copy of this order is also available from the Registry on payment of usual charges. Justice Tarun Agarwala Presiding Officer Ms. Meera Swarup Technical Member RAJALA Digitally by signed 30.09.2022 KSHMI NAIR RAJALAKSHMI H Date: 2022.10.04 PTM H NAIR 16:43:19 +05'30'
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