Dilip Hanmant Jambhale vs Sebi

BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Date of Decision:7.4.2022 Misc. Application No.239 of 2022 And Appeal No.149 of 2022 Dilip Hanmant Jambhale S/o Hanmant Jambhale, Ss-2, Room No.35, First Floor, Sector 8, Navi Mumbai, Thane, Maharashtra-400709. ...Appellant Versus Securities and Exchange Board of India SEBI Bhavan, Plot No.C4-A, G Block, Bandra Kurla Complex, Bandra (E), Mumbai-51. ...Respondent Mr. Vikas Bengani, Advocate for the Appellant. Mr. Abhishek Khare, Advocate with Mr. Sharvil Kala i/b. Khare Legal Chambers 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. We have heard the learned counsel for the parties. The present appeal has been filed against the order dated 30th March, 2012 passed by the Adjudicating Officer imposing a penalty of Rs.1 lakh. There is a delay of 4048 2 days in the filing of the appeal. The ground urged is that the appellant was never served with the show cause notice or the impugned order and that he came to know for the first time when prosecution proceedings were initiated by the Sessions Court in February, 2022. 2. We find from the impugned order that the service was made at the last known address where the appellant was staying as a tenant and which premises he had vacated much earlier.

This fact was known to the respondent in view of the statement of the landlord being recorded while serving the notice. We find that inspite of the fact being known to the respondent that the appellant had vacated the premises they continued with the proceedings and passed the impugned order. 3. The learned counsel for the respondent submitted that they came to know about the new address only in the year 2021. 4. In the light of the aforesaid, we are satisfied that the impugned order was passed without serving the show cause notice and without serving the impugned order. 3 Accordingly, the delay in the filing of the appeal is condoned. The application is allowed. 5. For the same reasons, the impugned order cannot be sustained and is quashed. The appeal is allowed at the admission stage itself without any order as to costs. It will be open to the AO to issue the show cause notice at the correct address and proceed from there onwards. 6. 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 RAJALAKSHMI KSHMI HDate: 7.4.2022 NAIR 2022.04.11 H NAIR 10:26:30 +05'30' RHN