Gracier Commodities Pvt. Ltd vs Sebi
- CitationReview Application No.19 of 2024
Ratio decidendi
The rule this decision rests on
The Tribunal's reasoning rests on the following: an application for review of a prior order, filed out of time, may be entertained where the delay is explained by the reasons stated in the application, and the delay is accordingly condoned. Relief to a party that did not avail an earlier opportunity granted by the Tribunal may be extended, where the Tribunal considers it appropriate, by granting one further opportunity conditional upon payment of costs, having regard to the regulator's current policy encouraging settlement of penalty proceedings.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
This application is filed belatedly seeking review of order
dated January 30, 2023 in Misc. Application No.160 of 2023
and Appeal no.119 of 2023.
2. By the said order, this Tribunal has disposed of the appeal
by directing applicant/appellant to file an application for
settlement within two weeks therefrom, with a further direction
to Securities and Exchange Board of India (hereinafter referred
to as 'SEBI') to accept the application and to pass appropriate
orders. The applicant has not availed the said opportunity.
3. Shri Samyak Gangwal, learned Advocate for the
applicant submitted that due to some miscommunication the
applicant could not file the application within time. The SEBI
has introduced another settlement scheme, namely, ISO
Settlement Scheme, 2024. He prayed that applicant may be
granted one more opportunity to avail the scheme. The
application is opposed by SEBI.
4. Admittedly, this Tribunal had permitted the applicant to
file an application for settlement. Not having availed the said
opportunity the applicant is before this Tribunal again. SEBI
has come out with another settlement scheme. Thus, SEBI is
encouraging settlement in resolving the penalty proceedings. 3
5. In the facts and circumstances of the case, we are of the
opinion that one more opportunity can be granted to the
applicant by imposing costs.
6. For the reasons stated in the application, the delay in the
filing of the review application is condoned. The application is
allowed.
7. Hence the following order:
a) Application is allowed.
b) Applicant shall be at liberty to file an application
before SEBI and avail the benefit of ISO Settlement
Scheme, 2024 subject to payment of costs of Rs.25,000 to
SEBI.
8. Misc. application no.593 of 2024 and the review
application no.19 of 2024 are disposed of accordingly.
Justice P.S. Dinesh Kumar Presiding Officer
Ms. Meera Swarup Technical Member
Dr. Dheeraj Bhatnagar Technical Member RAJALAKS Digitally signed HMI 15.5.2024 by RAJALAKSHMI HARISH NAIR HARISH Date: 2024.05.17 15:42:59 +05'30' RHN NAIR
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