Abhishek Vedprakash Agarwal Huf vs Sebi
- CitationReview Application No. 39 of 2022
Ratio decidendi
The rule this decision rests on
A party whose case is squarely covered by a settlement scheme issued under the regulation governing settlement proceedings may have a review application disposed of by directing it to apply for settlement under that scheme before the competent authority within a fixed period, and the settlement application, when filed, is to be treated as an application in a pending proceeding and accepted in terms of the scheme. Where a penalty has been paid under protest in such a case, the excess amount above what the settlement requires is to be refunded.
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: 04.11.2022 Review Application No. 39 of 2022 IN Appeal No. 270 of 2022 Abhishek Vedprakash Agarwal HUF 47 Navyug Co-Op Society, Opp Manekbag Hall Ambawadi, Ahmedabad- 380 015 Gujrat, India ...Applicant Versus Securities and Exchange Board of India, SEBI Bhavan, Plot No. C-4A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai- 400 051 ...Respondent Mr. Ram Awatar Dhoot, Advocate for the Applicant. Mr. Abhiraj Arora, Advocate with Mr. Shourya Tanay, Advocate i/b ELP for the Respondent. CORAM: Justice Tarun Agarwala, Presiding Officer Justice M. T. Joshi, Judicial Member Ms. Meera Swarup, Technical Member Per: Justice Tarun Agarwala, Presiding Officer (Oral) 1. Review application has been filed against the order dated 13.06.2022 passed in illiquid stock option matter. 2. We find that the appellant's case is squarely covered by the SEBI Settlement Scheme 2022 which has been issued in 2 terms of the Regulation 26 of Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018. 3. In view of the aforesaid, we dispose of the review application directing the applicant 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 SEBI Settlement Scheme 2022 as an application filed in a pending proceeding and pass appropriate orders. If the amount of penalty is paid under protest the excess amount shall be refunded. The review application is disposed of accordingly. 4. 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 Justice M. T. Joshi Judicial Member Ms. Meera Swarup RAJALAK Digitally signed SHMI by RAJALAKSHMI Technical Member 04.11.2022 HARISH HARISH NAIR PK NAIR Date: 2022.11.16 16:18:40 +05'30'
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