Begum Gulerana vs Sebi
- CitationAppeal No.678 of 2022
Ratio decidendi
The rule this decision rests on
The appeal concerns an illiquid stock option matter that falls within the SEBI Settlement Scheme, 2022 under Regulation 26 of the SEBI (Settlement Proceedings) Regulations, 2018, and is squarely governed by the Tribunal's earlier decision in Dhanwantri Suppliers Pvt. Ltd. vs. SEBI. Where the proceedings are covered by such a scheme, the appellant is entitled to seek settlement before the adjudicating authority in respect of the same matter. A penalty paid pursuant to an impugned order under protest entitles the appellant to similar relief as that available under the settlement scheme. Where an appeal is disposed of on the basis that the appellant may file a settlement application within a specified period, the authority must accept that application as one filed in a pending proceeding and pass appropriate orders thereon.
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: 11.10.2022 Misc. Application No.1026 of 2022 And Misc. Application No.1027 of 2022 And Misc. Application No.1028 of 2022 And Appeal No.678 of 2022 Begum Gulerana 84, Repon Street, Kolkata West Bengal - 700016. ...Appellant Versus Securities and Exchange Board of India SEBI Bhavan, C4-A, G-Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051. ...Respondent Mr. Ram Awatar Dhoot, Advocate for the Appellant. 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. This appeal is categorized as an illiquid stock option matter and is covered by a settlement scheme issued in 2 terms of the 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. There is a delay in the filing of the appeal.
For the reasons stated in the application, the delay in the filing of the appeal is condoned. The application is allowed. The exemption application is also allowed. 3. We also find that the appellant had paid the penalty amount pursuant to the impugned order under protest. In our view, since the amount has been paid under protest the appellant is also entitled for a similar relief. 4. In view of the aforesaid, we dispose of the appeal directing the appellant to file an appropriate application for settlement before the authority 3 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. Misc. application no.1028 of 2022 is also disposed of accordingly. 5. 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 RAJALA Digitally signed Technical Member by RAJALAKSHMI 11.10.2022 KSHMI HDate:
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