Gomati Devi Soni vs Sebi
- CitationReview Application no. 15 of 2022
Ratio decidendi
The rule this decision rests on
The Tribunal's disposal rests on a single line of reasoning: where an appellant's case falls within the terms of a settlement scheme issued under the settlement regulations, the appellant is entitled to have a settlement application entertained as one filed in a pending proceeding, and the authority concerned is to accept that application and pass appropriate orders on it under the scheme. The review was therefore disposed of by directing the appellant to file a settlement application within a fixed period rather than by deciding the merits of the underlying appeal.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Date of Decision: 16.11.2022 Misc. Application No. 986 of 2022 And Review Application no. 15 of 2022 In Appeal No. 179 of 2022 Gomati Devi Soni 9/1, Lal Madhab Mukherjee Lane, Kolkata, West Bengal- 700 007 ...Applicant 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. Ram Awatar Dhoot, CA for the Applicant. 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. The Review application has been filed against our order passed in illiquid stock option matter. There is a delay in the filing of the review application. For the reasons stated in the application the delay is condoned. The application is allowed. 2 2. We find that the appellant's case is squarely covered by the SEBI Settlement Scheme 2022 which has been issued in terms of the Regulation 26 of Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018. 3. In view of the aforesaid, we dispose of the review application directing the applicant/ 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 SEBI Settlement Scheme 2022 as an application filed in a pending proceeding and pass appropriate orders. The review application is disposed of accordingly. 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 Justice M. T. Joshi Judicial Member Ms. Meera Swarup RAJALAKS HMI Digitally signed by RAJALAKSHMI Technical Member 16.11.2022 HARISH HARISH NAIR PK NAIR Date: 2022.11.23 17:29:26 +05'30'
This page reproduces a public judgment and a summary of it. It is research material, not legal advice, and it is no substitute for advice from an advocate on your own facts.
Research this judgment with Miss Lucy
Ask what it holds, what has followed it, and what it means for your matter — in plain English, with the citations.
Try Miss Lucy free