Jayaram S. Iyer vs Sebi
- CitationAppeal No. 502 of 2021
Ratio decidendi
The rule this decision rests on
The Tribunal may direct an appellant to deposit 50% of the penalty as a condition of staying recovery of the balance pending appeal, where the facts and circumstances placed on record justify such a direction; upon such deposit, the remaining penalty is not to be recovered while the appeal is pending.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Date : 29.07.2021
Misc. Application No. 866 of 2021 And Appeal No. 502 of 2021 Jayaram S. Iyer ....Appellant
Versus
Securities & Exchange Board of India ... Respondent
Mr. Mustafa Doctor, Senior Advocate with Mr. Ranjit Shetty, Mr. Luckyraj Indorkar, Mr. Rahul Dev, Ms. Avina Karnad, Advocates i/b Argus Partners for the Appellant.
Mr. Arvind P. Datar, Senior Advocate with Mr. Pratap Venugopal, Mr. Suraj Chaudhary, Advocates i/b Mr. Atishay Jain, Advocate for the Respondent.
ORDER :
1. Connect with Appeal No. 440 of 2021 and list on August 30,
2021. In the meanwhile, the respondent will file a reply within two
weeks from today and rejoinder may be filed on or before the next
date.
2. Considering the facts and circumstances that have been brought
on record, we direct the appellant to deposit 50% of the penalty 2
amount within three weeks from today. If the amount is deposited, the
balance amount shall not be recovered during the pendency of the
appeal. The stay application and urgency application are disposed of
accordingly.
3. Parties will take instructions from the Registrar 48 hrs. before
the date fixed in order to find out as to whether the appeal would be
heard through video conference or through physical hearing.
4. The present matter was heard through video conference due to
Covid-19 pandemic. At this stage, it is not possible to sign a copy of
this order nor a certified copy of this order could be issued by the
Registry. In these circumstances, 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. Parties
will act on production of a digitally signed copy sent by fax and/or
email.
Justice Tarun Agarwala Presiding Officer
Justice M. T. Joshi Judicial Member 29.07.2021 Digitally signed RAJALA byRAJALAKSHMI H KSHMI NAIR PTM Date:
H NAIR 2021.07.30 13:24:12 +05'30'
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