Dharam Bir Huf vs Sebi

BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Date of Decision: 11.10.2022 Misc. Application No. 1160 of 2022 And Appeal No. 685 of 2022 Dharam Bir HUF (Through its Karta Mr. Dharam Bir) G-19 Bali Nagar, New Delhi- 110 015 ...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. Vikas Bengani, 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 terms of the Regulation 26 of Securities and Exchange Board of India 2 (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 is condoned. The application is allowed. 3. We also find that the appellant had paid the amount pursuant to the impugned order under protest. In our view since the amount was paid under protest and the appeal has been filed, then the appellant is also entitled for benefit of the settlement scheme. 4. In view of the aforesaid, we dispose of the appeal directing the appellant to file an appropriate application for settlement before the authority 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. 3 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 11.10.2022 KSHMI RAJALAKSHMI NAIR H Date: 2022.10.13 PK H NAIR 18:26:54 +05'30'