Iss Enterprise Limited vs Sebi

Securities Appellate Tribunal21 July 2023

CitationReview Application No. 27 of 2023

Ratio decidendi

The rule this decision rests on

A ground of review that was not raised at the hearing of the appeal, and which rests on a new plea (proportionality of penalty) first advanced in the review application, cannot be entertained; a review will not lie to introduce a new ground that could have been, but was not, urged before the Tribunal when the appeal was decided.

Written by Miss Lucy from the judgment below, not taken from a headnote.

Judgment

As delivered

BEFORE THE SECURITIES APPELLATE TRIBUNALMUMBAIDate of Decision : 21.07.2023Misc. Application No. 876 of 2023AndReview Application No. 27 of 2023InAppeal No. 17 of 2022ISS Enterprise Limited(Formerly known as ISE Securities &Services Ltd.) ...ApplicantVersusNational Stock Exchange of India Limited ...RespondentMr. Goutham Shivshankar, Advocate with Mr. Rahul Totala,Advocate i/b Mr. Ashwin Poojari, Advocate i/b RT Legal forthe Applicant.Mr. Rashid Boatwalla, Advocate with Mr. Juan D'Souza,Advocate i/b MKA & Co. for the Respondent.CORAM : Justice Tarun Agarwala, Presiding OfficerMs. Meera Swarup, Technical MemberPer : Justice Tarun Agarwala, Presiding Officer (Oral)1.We have heard the learned counsel for the applicant.

We find that the counsel for the applicant was not the same 2

counsel who argued the appeal before the Tribunal. The only

ground raised by the applicant is on the issue of proportionality

on the quantum of penalty. This ground was neither raised

before us when the appeal was argued and therefore it is no

longer open to the applicant to raise this new ground for the first

time in the review application. We do not find any reason to

review our order dated February 23, 2023. The review

application fails and is dismissed. The miscellaneous

application is also disposed of.

2. 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

Ms. Meera Swarup Technical Member 21.07.2023 MADHUKAR SHAMRAO Digitally signed by MADHUKAR SHAMRAO BHALBAR

msb BHALBAR Date: 2023.07.21 14:13:58 +05'30'

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