Birla Pacific Medspa Limited vs Sebi

Date of Decision: 27.3.2019

Misc. Application No.54 of 2019 And Appeal No.47 of 2019

Birla Pacific Medspa Limited Dalamal House, 1st Floor, Nariman Point, Mumbai - 400021. .... Appellant

Versus

BSE Ltd. Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400 001. .... Respondent

Mr. Deepak Dhane, Advocate i/b. Corporate Pleader for the Appellant.

Mr. Tomu Francis, Advocate with Mr. Arka Saha, Advocate i/b. Khaitan & Co. 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)

1.

Having heard the learned counsel for the appellant we find that

there is an inordinate delay of 207 days in filing the appeal. The

impugned order has been passed against an order of compulsory

delisting of the Company. Such order if challenged is normally

required to be filed within 15 days under Section 21A of the Securities 2

Contract (Regulation) Rules, 1957 (hereinafter referred to as 'SCRR').

In the instant case, there is an inordinate delay of 207 days.

2. The ground urged as depicted in para 6 of the application is that

if after the passing of the impugned order the appellant had started

exploring the implication of the impugned order and in that process

consulted a number of advisors which took some time. In our

opinion, this is not a cogent or legal ground on which the delay could

be condoned. Such assertion which apparently is vague is also not

supported by any material evidence. We, therefore, see no reason to

condone the delay. The application for condoning the delay is

rejected and consequently the appeal is also dismissed.

Sd/-

Justice Tarun Agarwala Presiding Officer

Sd/-

Dr. C. K. G. Nair Member

Sd/-

Justice M.T. Joshi Judicial Member

27.3.2019 Prepared and compared by RHN