Jyoti Bankda vs Sebi

Date of Decision : 01.07.2021

Review Application No. 12 of 2021 In Appeal No. 445 of 2019

Jyoti Bankda ...Applicant / Original Appellant No. 2

Versus

Securities and Exchange Board of India SEBI Bhavan, Plot No. C-4A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051. ...Respondent

Ms. Aishwarya Shubhangi, Advocate for the Appellant.

Mr. Mihir Mody, Advocate with Mr. Arnav Misra and Mr. Mayur Jaisingh, Advocates i/b K Ashar & Co. for the Respondent.

CORAM : Justice Tarun Agarwala, Presiding Officer Justice M.T. Joshi, Judicial Member

Per : Justice Tarun Agarwala, Presiding Officer (Oral)

1.

The review application has been filed by Jyoti Bankda

for review of our order dated April 30, 2021. A numbers of 2

appeals were filed by the appellant as well as other entities.

The appeal of appellant was Appeal no. 98 of 2020 and

Appeal no. 445 of 2019. One appeal was against the order of

Adjudicating Officer („AO‟ short) imposing a penalty and the

other appeal was against the order of the Whole Time

Member („WTM‟ for short) debarring the appellant from

accessing the securities market. In paragraph 16 of our order

we had given specific finding that the appellant Jyoti Bankda

cannot be made liable for the subsequent acts of the Company

and therefore the appellant could not be penalized or

restrained. In view of the specific finding given by us, in the

operative portion in paragraph 18 we allowed the appeal of

Jyoti Bankda (Appeal no. 98 of 2020) but insofar as Appeal

no. 445 of 2019 was concerned the appeal was dismissed

without any order as to costs.

2. We find that Appeal no. 445 of 2019 was filed by

Syncom Healthcare Ltd. in which the appellant was shown as

Appellant no. 2.

3. In view of the aforesaid, the review application is

allowed. The order of this Tribunal dated April 30, 2021 is

modified in the following manner:-

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"18. In the circumstances, the following order

The appeals of Mr. Govind Das Pasari

(appeal nos.201 and 603 of 2019),

Mr. Bharat Kumar (appeal nos. 101 of 2019

and 32 of 2020) and Mr. Avichal Kasliwal

(appeal nos.306 and 602 of 2019) and

Mrs. Jyoti Bankda (appeal no.98 of 2020

and appeal no. 445 of 2019 insofar as it

relates to the appellant) are hereby allowed

without any order as to cost. The impugned

orders to their extent are quashed.

Appeal nos.533 of 2019 and 97 of 2020 of

Mr. Ajay Bankda, Appeal no.615 of 2019

Mr. Jagdish Bagaria, the Whole Time

Director and appeal no.445 of 2019 filed by

Syncom Healthcare Ltd. are hereby

dismissed without any order as to costs."

4. The review application is allowed with no order as to

costs.

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5. 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 Digitally signed Judicial Member RAJALA byRAJALAKSHMI H 01.07.2021 KSHMI NAIR Date:

msb H NAIR 2021.07.02 13:10:35 +05'30'