Corrigendum to Order dated August 20, 2015 bearing reference number WTM/RKA/ISD/106/2015 and Order dated August 22, 2016 bearing reference number WTM/RKA/ISD/102/2016, in the matter of Illiquid Stock Options.
- Order No.WTM/GM/ISD1/04/DEC/2016
Ratio decidendi
The rule this decision rests on
Where a noticee's name in a SEBI order does not match the PAN recorded against it, the PAN, verified on the Income Tax website, identifies the true noticee. The mismatch is an inadvertent error, and the entity bearing that PAN is the party the order binds. The same identification applies to every affected entry in both the interim order and the confirmatory order. Those orders are to be read with the corrigendum, so each mis-named entry is read as the entity whose PAN it carries.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Corrigendum to Order dated August 20, 2015 bearing reference number WTM/RKA/ISD/106/2015 and Order dated August 22, 2016 bearing reference number WTM/RKA/ISD/102/2016, in the matter of Illiquid Stock Options.
1. Securities and Exchange Board of India had passed an interim order dated August 20, 2015 bearing reference number WTM/RKA/ISD/106/2015 in the matter of Illiquid Stock Options against 59 entities and subsequently a confirmatory order dated August 22, 2016 bearing reference number WTM/RKA/ISD/102/2016 was passed in the matter.
2. Priyasha Meven Finance Limited and Nikhil Jalan preferred an appeal before Securities Appellate Tribunal - Appeal No. 398/2016. It was pointed out by the appellants during the hearing before SAT on December 22, 2016 that the order shows the name of Nikhil Jalan/Priyasha Meven against the PAN of Priyasha Meven Finance Ltd. In view of this, the matter was examined by SEBI. It has been confirmed from the Income Tax website that the PAN - AADCP2042F - belongs to Priyasha Meven Finance Limited and the name of Nikhil Jalan (Director of Priyasha Meven Finance Ltd.) was inadvertently mentioned against the said PAN.
3. Similarly, it was also observed that both the aforementioned orders (viz. interim order dated August 20, 2015 and confirmatory order dated August 22, 2016) had indicated Mr. Rakesh K Baid (Director of Gee Bee Securities Pvt. Ltd.) as the holder of the PAN - AACCG3141P. It has been confirmed from Income Tax website that this PAN belongs to Gee Bee Securities Pvt. Ltd.
4. Accordingly, in the interim order dated August 20, 2015, the name of the client/ entity at Sl. No. 26 and 27 in Table 1, 2, 3 and 4 mentioned below the paragraphs 6, 9, 12 and 15, and at Sl. No. 26 and 27 in the Table placed below the paragraph 44, shall be read as Priyasha Meven Finance Limited (at Sl. No.26) and Gee Bee Securities Private Limited (at Sl. No. 27) and not as Nikhil Jalan and Rakesh K Baid, respectively.
5. Further, in the confirmatory order dated August 22, 2016, the name of the entity at Sl. No. 26 and Sl. No. 27 in the list of Noticees shall be read as Priyasha Meven Finance Limited and Gee Bee
Securities Private Limited respectively and not as Nikhil Jalan/ Priyasha Meven and Rakesh K Baid/ Gee Bee Securities. Similarly, the name of the entity in subparagraph 6 (9) and 6 (28) shall be read as Priyasha Meven Finance Limited and Gee Bee Securities Private Limited respectively.
6. The aforesaid orders shall be read with this corrigendum.
Sd/- PLACE : MUMBAI G. MAHALINGAM DATE : December 28, 2016 WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA
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