Gangotri Textiles Limited & Ors. vs Sebi

Date : 25.3.2019

Misc. Application No.402 of 2018 And Appeal No.457 of 2018

1.

Gangotri Textiles Limited 25-A, Venkatachalam Co-op. Colony, R.S. Puram, Coimbatore-641002.

2. Manoj Kumar Tiberewal 401, Belleza Apartment, 258 Alagesan Road, Saibaba Colony Post, Coimbatore-641011, Tamil Nadu

3. Anita Tibrewal 401, Belleza Apartment, 258 Alagesan Road, Saibaba Colony Post, Coimbatore - 641011, Tamil Nadu

4. Mayank Tibrewal 401, Belleza Apartment, 258 Alagesan Road, Saibaba Colony Post, Coimbatore - 641011, Tamil Nadu

5. Umang Tibrewal 401, Belleza Apartment, 258 Alagesan Road, Saibaba Colony Post, Coimbatore - 641011, Tamil Nadu ..... Appellants

Versus

National Stock Exchange of India Ltd. Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Badra (E), Mumbai-400051. ..... Respondent 2

Ms. Rishika Harish, Advocate with Ms. Nirali Mehta, PCS i/b. Mindspright Legal for the Appellants.

Mr. Rashid Boatwalla, Advocate with Ms. Shreya Anuwal, Advocate i/b. Manilal Kher Ambalal & 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. We have heard learned counsel for the parties. Two orders

have been challenged in this appeal. There is a delay of 436 and

174 days respectively in questioning the veracity and legality of

the orders dated 5th July, 2017 and 26th March, 2018. The

grounds urged are that the appellants are based in Coimbatore

and it took them some time to engage an Advocate in Mumbai

for the purpose of filing the appeal. Further, the company was

facing a financial crisis and it took some time to arrange the

necessary funds.

2. In support of this contention an additional affidavit has also

been filed indicating that the net worth of the company eroded

during the financial year 2012-13 as a result the company became

a sick industry and eventually the unit of the company was sold

and the functioning of the company had come to a standstill.

3. In the light of the aforesaid, we find that adequate reasons

have been indicated in the application. Sufficient cause has been 3

shown and consequently the application is allowed. The delay in

filing the appeal is condoned subject to payment of cost which

we compute at Rs.50,000/-. The said amount shall be deposited

before the Registrar of this Tribunal within a period of four

weeks.

3. List for admission on 20th May, 2019.

Sd/-

Justice Tarun Agarwala Presiding Officer

Sd/-

Dr. C. K. G. Nair Member

Sd/-

Justice M.T. Joshi Judicial Member

25.3.2019 Prepared and compared by RHN