Anurag Soni & Ors. vs Sebi
- CitationAppeal No. 60 of 2023
Ratio decidendi
The rule this decision rests on
Section 15JB(4) of the Securities and Exchange Board of India Act, 1992 provides that no appeal shall lie under Section 15T against any order of the Board passed under Section 15JB, and therefore an appeal to the Securities Appellate Tribunal against an order rejecting a settlement application under Section 15JB is not maintainable.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date of Decision: 18.01.2023
Misc. Application No. 1695 of 2022 And Misc. Application No. 1696 of 2022 And Appeal No. 60 of 2023
1.
Anurag Soni 01, Main Sector, Shastri Nagar, Bhilwara- 311 001
2. Sangam E-Com Limited B-8, Ist Floor, S.K. Plaza Pur Road, Bhilwara, Rajasthan- 311 001
3. Sangam Business Credit Limited B/306-309, Dynasty Business Park, Opp. Sangam Cinema, Andheri Kurla Road, Andheri (E), Mumbai- 400 069
4. Sangam Infratech Limited B-10, Second Floor S.K. Plaza, Pur Road Bhilwara, Rajasthan- 311 001 ...Appellants
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. Ravi Prakash, Advocate for the Appellants.
Mr. Sumit Rai, Advocate with Ms. Nidhi Singh, Ms. Deepti Mohan, Ms. Hubab Sayeed, Mr. Niket Dalal and Ms. Purvi Jain, Advocates i/b Vidhii Partners for the Respondent.
CORAM: Justice Tarun Agarwala, Presiding Officer Ms. Meera Swarup, Technical Member 2
Per: Justice Tarun Agarwala, Presiding Officer (Oral)
1. We have heard the learned counsel for the appellants. The
present appeal has been filed against the order dated September
23, 2022 whereby the settlement application of the appellants
filed under Section 15JB has been rejected. We are of the
opinion, that no appeal can be filed before this Tribunal in view
of Section 15JB(4) of the Securities and Exchange Board of
India Act, 1992 which states that no appeal shall lie under
Section 15T against any order of the Board passed under
Section 15JB. In view of this specific provision, no appeal lies
before this Tribunal and is dismissed as not maintainable. Misc.
Applications are disposed of accordingly.
2. 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 18.01.2023 PRERNA Digitally by PRERNA signed
PK MANISH MANISH KHARE Date: 2023.01.19 KHARE 10:31:07 +05'30'
This page reproduces a public judgment and a summary of it. It is research material, not legal advice, and it is no substitute for advice from an advocate on your own facts.
Research this judgment with Miss Lucy
Ask what it holds, what has followed it, and what it means for your matter — in plain English, with the citations.
Try Miss Lucy free