C G Power And Industrial Solutions ... vs Sebi
- CitationAppeal No. 222 of 2023
Ratio decidendi
The rule this decision rests on
The impugned penalty under Section 23E of the Securities Contracts (Regulation) Act, 1956 for breach of the Listing Agreement cannot be sustained where the matter is squarely covered by the Tribunal's earlier decision in Suzlon Energy Ltd. & Anr. vs. SEBI (Appeal No. 201 of 2018, dated May 3, 2021), and the order imposing it is therefore liable to be quashed.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date of Decision: 02.03.2023
Appeal No. 222 of 2023
C G Power and Industrial Solutions Limited CG House, 6th Floor, Dr. Annie Besant Road, Worli, Mumbai- 400 030 ...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. Somasekhar Sundaresan, Advocate with Mr. Robin Shah, Advocate i/b Bodhi Legal for the Appellant.
Mr. Sumit Rai, Advocate with Mr. Mihir Mody, Mr. Arnav Misra and Mr. Mayur Jaisingh, Advocates i/b. K Ashar & Co. for the Respondent.
CORAM: Justice Tarun Agarwala, Presiding Officer Ms. Meera Swarup, Technical Member
Per: Justice Tarun Agarwala, Presiding Officer (Oral)
1.
We have heard the learned counsel for the parties. The
Adjudicating Officer ("AO") by the impugned order dated
December 23, 2022 has imposed a penalty of Rs. 5 lakhs upon
the appellant-company for violation of the Listing Agreement 2
by imposing a penalty under Section 23E of the Securities
Contracts (Regulation) Act, 1956 ("SCRA" for convenience).
2. The learned counsel for the respondent has fairly conceded
that the matter is squarely covered by a decision of this Tribunal
in Suzlon Energy Ltd. & Anr. vs. SEBI in Appeal No. 201 of
2018 dated May 03, 2021.
3. In view of the aforesaid, the impugned order cannot be
sustained and is quashed. The appeal is allowed.
4. 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 PRERNA Digitally signed Technical Member 02.03.2023 by PRERNA
PK MANISH MANISH KHARE Date: 2023.03.03 KHARE 16:01:56 +05'30'
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