Hari Mohan Beriwala & Ors. Huf vs Sebi

BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Date: 10.11.2022 Appeal No.792 of 2022 Hari Mohan Beriwala & Ors. HUF ...Appellants Versus Securities and Exchange Board of India ...Respondent Mr. Prakash Shah, Advocate with Ms. Anjali Agrawal, CA, Mr. Rajendra Kumar Agrawal, Advocate and Mr. Kushal Shah, CA i/b. Anjali Agrawal for the Appellant. Mr. Sumit Rai, Advocate with Ms. Nidhi Singh, Ms. Deepti Mohan, Ms.Binjal Samani, Ms. Purvi Jain and Mr. Niket Dalal, Advocates i/b. Vidhii Partners for the Respondent. With Appeal No.793 of 2022 Hari Mohan Beriwala ...Appellant Versus Securities and Exchange Board of India ...Respondent Mr. Prakash Shah, Advocate with Ms. Anjali Agrawal, CA, Mr. Rajendra Kumar Agrawal, Advocate and Mr. Kushal Shah, CA i/b. Anjali Agrawal for the Appellant. Mr. Sumit Rai, Advocate with Ms. Nidhi Singh, Ms. Deepti Mohan, Ms.Binjal Samani, Ms. Purvi Jain and Mr. Niket Dalal, Advocates i/b. Vidhii Partners for the Respondent. With 2 Appeal No.794 of 2022 Manju Beriwala ...Appellant Versus Securities and Exchange Board of India ...Respondent Mr. Prakash Shah, Advocate with Ms. Anjali Agrawal, CA, Mr. Rajendra Kumar Agrawal, Advocate and Mr. Kushal Shah, CA i/b.

Anjali Agrawal for the Appellant. Mr. Sumit Rai, Advocate with Ms. Nidhi Singh, Ms. Deepti Mohan, Ms.Binjal Samani, Ms. Purvi Jain and Mr. Niket Dalal, Advocates i/b. Vidhii Partners for the Respondent. With Misc. Application No.1254 of 2022 And Appeal No.795 of 2022 Sarwani Devi Modi ...Appellant Versus Securities and Exchange Board of India ...Respondent Mr. Sumit Rai, Advocate with Ms. Nidhi Singh, Ms. Deepti Mohan, Ms.Binjal Samani, Ms. Purvi Jain and Mr. Niket Dalal, Advocates i/b. Vidhii Partners for the Respondent. Order: 1. All these appeals are against a common order and are being taken up together. For the reasons stated in the application, the delay in the filing of the appeal is condoned. The application is allowed. 3 2. Connect with appeal no.455 of 20222 and list on 23rd December, 2022. In the meanwhile, respondent may file reply within three weeks. Rejoinder may be filed on or before the next date. 3. We find that by an order of 30th June, 2022 the Adjudicating Officer has imposed penalty against each of the 23 noticees including the appellant. By a corrigendum dated 6th August, 2022, the penalty has been made joint and several.

4. Prima facie this corrigendum appears to be incorrect and not in consonance with Rule 5(5) of the Securities and Exchange Board of India (Procedure of Holding Inquiry and Imposing Penalties) Rules, 1995. In view of the aforesaid, the effect and operation of the corrigendum dated 6th August, 2022 is stayed. The stay application is disposed of accordingly. 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 4 of this order. Certified copy of this order is also available from the Registry on payment of usual charges. Justice Tarun Agarwala Presiding Officer Ms. Meera Swarup Technical Member RAJALAK Digitally signed by SHMI RAJALAKSHMI 10.11.2022 HARISH HARISH NAIR Date: 2022.11.18 RHN NAIR 17:28:32 +05'30'