Avijit Saha vs Sebi

find that the appellant had participated in the adjudicating

proceedings and was duly served with the impugned order.

No steps were taken by the appellant to file the appeal

within the statutory period nor any plausible explanation

has been given as to why he could not file the appeal

earlier.

7. Merely because he has received some statement of Mr.

Upadhaya does not entitle the appellant for condonation of

the inordinate delay. No valid or bona fide exaplanation

has been given by the appellant for condoning the

inordinate delay.

8. In Basawaraj and Anr. vs. Special Land Acquisition

Officer, (2013) 14 SCC 81 the Supreme Court held that

the discretion to condone the delay has to be exercised 4

judicially based on facts and circumstances of each case

and that sufficient cause cannot be given a liberal

interpretation if lack of bonafide is attributed to a party.

The Supreme Court further held that delay cannot be

condoned on equitable ground beyond the limits permitted

expressly by statute.

9. The Supreme Court in Ram Nath Sao and Ors. (supra)

held that the expression „sufficient cause‟ should receive a

liberal construction so as to advance substantial justice

when no negligence or inaction or want of bonafide is

imputable to a party. The same view was reiterated by the

Supreme Court in Madanlal vs. Shyamlal, (2002) 1 SCC

535.

10. In Balwant Singh (Dead) vs Jagdish Singh & Ors, (2010)

8 SCC 685 Supreme Court held that the expression

"sufficient cause" means the presence of legal and

adequate reasons. The decisions cited by the learned

counsel for the appellant are of no avail and, in any case,

not applicable in the present circumstance of the case. 5

11. This Tribunal is possessed with the exercise of judicial

discretion in condoning the delay if sufficient or adequate

reason is given. It is also a settled proposition of law that

the law of limitation may harshly affect a particular party

but it has to be applied with all its rigour when the statute

so prescribes. The court has no power to extend the period

of limitation on equitable grounds as held by the Supreme

Court in Basawaraj and Anr. (supra). In the instant case

we do find any legal or adequate reasons to condone the

delay.

12. Thus for the reasons stated aforesaid, we do not find any

reason to condone the inordinate delay in filing the appeal.

The Misc. Application for condoning the delay is rejected

on the ground of laches as a result of which the Appeal is

also dismissed with no order as to costs.

13. During the course of the hearing the learned counsel for

the appellant pointed out that Mr. Devesh Upadhyaya had

made a statement before the Income Tax Authority that he

was using the name of the appellant. This statement has

been annexed to the memorandum of appeal. We find that

this statement was not placed before the Adjudicating 6

Officer ("AO" for convenience) of the Securities and

Exchange Board of India ("SEBI" for convenience).

Without going into the veracity of the document we leave

it open to the appellant to move an appropriate application

before the AO of SEBI.

14. The present matter was heard through video conference

due to Covid-19 pandemic. At this stage it is not possible

to sign a copy of this order nor a certified copy of this

order could be issued by the Registry. In these

circumstances, this order will be digitally signed by the

Presiding Officer on behalf of the bench and all concerned

parties are directed to act on the digitally signed copy of

this order. Parties will act on production of a digitally

signed copy sent by fax and/or email.

Justice Tarun Agarwala Presiding Officer

Dr. C.K.G. Nair Member 7

TARUN Digitally signed by TARUN AGARWAL DN: c=IN, o=PUBLIC WORKS DEPARTMENT UTTAR PRADESH, postalCode=221505, st=Uttar Pradesh, 2.5.4.20=30fcf68685192bbc53e6ff1608a83fb3881de 7ac2ab7954d509c85ed6e0f7c41, Justice M. T. Joshi AGARWAL serialNumber=095f8b286bb0b1cd07ff676611f4f5e7 999727d404aa38ca422f9d3529bdb8a3, cn=TARUN AGARWAL Date: 2020.10.09 15:30:09 +05'30' Judicial Member 09.10.2020 PK