Bibhash Bhubneswar Jha vs Sebi
- CitationAppeal No. 392 of 2018
Ratio decidendi
The rule this decision rests on
The controversy in the present appeal is governed by the Tribunal's earlier decision in Pawan Kumar Satyanarayana v. SEBI (Appeal No. 399 of 2018), and the respondent did not dispute that the earlier decision applies; on that footing the impugned finding of violation is affirmed and the penalty is reduced from ₹12 lakhs to ₹2 lakhs.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date of Decision: 17.09.2019
Misc. Application No. 335 of 2018 And Appeal No. 392 of 2018
Bibhash Bhubneswar Jha Indian Inhabitant, residing at 303, Krishna Residency, Plot No. 97, Sector 29, Vashi, Navi Mumbai- 400 705 ...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
Mr. Ratnesh Mishra, Advocate i/b Law Juris for the Appellant.
Mr. Anubhav Ghosh, Advocate i/b The Law Point for the Respondent.
CORAM: Justice Tarun Agarwala, Presiding Officer Dr. C.K.G. Nair, Member Justice M. T. Joshi, Judicial Member
Per: Justice Tarun Agarwala (Oral)
Misc. Application No. 335 of 2018
For the reasons stated in the application the delay in filing
the appeal is condoned. The Misc. application is allowed. 2
Appeal No. 392 of 2018
1.
The controversy involved in the present appeal is squarely
covered by a decision of this Tribunal dated June 27, 2019
passed in Appeal No. 399 of 2018 (Pawan Kumar
Satyanarayana vs. Securities and Exchange Board of India).
The said proposition has not been disputed by the learned
counsel for the respondent. In the light of the aforesaid, the
appeal is partly allowed. The impugned order is affirmed in so
far as the violation of law is concerned. The penalty is however
reduced from ` 12 lakhs to ` 2 lakhs which shall be paid by the
appellant within four weeks from today.
Sd/-
Justice Tarun Agarwala Presiding Officer
Sd/-
Dr. C.K.G. Nair Member
Sd/-
Justice M. T. Joshi Judicial Member 17.09.2019 Prepared & Compared By: PK
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