Lakeside Properties Private Limited vs Sebi
- CitationAppeal No.26 of 2016
Ratio decidendi
The rule this decision rests on
The Tribunal may extend time for payment of a penalty fixed by its own earlier order, even after the prescribed date has passed, where the facts of the case justify the extension, and it may direct the regulator to accept the late payment in full and final settlement of that order.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Date : 25/10/2016
Misc. Application No.185 of 2016 In Appeal No.26 of 2016
Lakeside Properties Private Limited 312/3, Sharda Chamber No. 1, Keshavji Naik Road, Bhat Bazar, Masjid (W), Mumbai - 400 009. ... Appellant
Versus
Securities and Exchange Board of India SEBI Bhavan, Plot No.C-4A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051. ... Respondent
WITH Misc. Application No.252 of 2016 In Appeal No.42 of 2016
Grantview Properties Pvt. Ltd. 201, Pallavi CHS Ltd. Tata Colony, Mulund (East), Mumbai - 400 081. ... Appellant
Versus
Securities and Exchange Board of India SEBI Bhavan, Plot No.C-4A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051. ... Respondent
WITH Misc. Application No.253 of 2016 In Appeal No.138 of 2016
Gazala Constructions Private Limited D-1, Plot No. 854, Hari Om Bhawan CHS Ltd., Charkop, Kandivali (West), R.S.C. - 12, No. 41, Sector - 8, Mumbai - 400 067. ... Appellant
Versus Securities and Exchange Board of India SEBI Bhavan, Plot No.C-4A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051. ... Respondent 2
WITH Misc. Application No.254 of 2016 In Appeal No.145 of 2016
Kinita Real Estate Pvt. Ltd. Shop No. KI-04, Gokul Village (Two) Hsg. Soc., Shanti Park, Mira Road (East), Dist. Thane - 401 107. ... Appellant
Versus
Securities and Exchange Board of India SEBI Bhavan, Plot No.C-4A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051. ... Respondent
WITH Misc. Application No.255 of 2016 In Appeal No.146 of 2016
Nazima Impex Pvt. Ltd. Shop No. 5, Adeshwar Krupa CHS Ltd. Shanti Park, Mira Road, Dist. Thane - 401 107. ... Appellant
Versus
Securities and Exchange Board of India SEBI Bhavan, Plot No.C-4A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051. ... Respondent
WITH Misc. Application No.256 of 2016 In Appeal No.161 of 2016
Jayalalita Commodities Pvt. Ltd. Room No. 6, Hari Nivas CHS Ltd., Daulat Nagar No. 7, Nr. Daulat Nagar, Borivali (East), Mumbai - 400 006. ... Appellant
Versus
Securities and Exchange Board of India SEBI Bhavan, Plot No.C-4A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051. ... Respondent 3
Ms. Rinku Valanju a/w Mr. Vivek Shah, Advocates for Applicants (Org.Appellants)
Mr. Aditya Chitale, Advocate a/w Mr. Pulkit Sukhramani, Advocate i/b The Law Point for the Respondent.
CORAM : Justice J.P. Devadhar, Presiding Officer Dr. C.K.G. Nair, Member
Per : Justice J.P. Devadhar (Oral)
1.
In all these Misc. Applications, applicants (org. appellants) seek
condonation of 6-7 days delay in paying the penalty amount of Rs. 4 lakh as
per the order of this Tribunal dated 14th July, 2016. As per our order dated
14th July 2016, the applicants (org. appellants) were required to pay the
penalty on or before 24th August, 2016. However, four of the applicants (org.
appellants) have paid the penalty by 30th August, 2016 and two of the
applicants (org. appellants) have paid the penalty on 31st August, 2016.
2. Although the appellants are not justified in paying the penalty
belatedly, in the facts of present case, we extend the time for payment till
31/8/2016 and direct SEBI to accept the penalty amount in full and final
settlement of the order passed on 14th July, 2016.
3. All the Misc. Applications are disposed of accordingly in the above
terms with no order as to costs.
Sd/-
Justice J.P. Devadhar Presiding Officer
Sd/-
Dr. C.K.G. Nair Member 25/10/2016 Prepared & compared by-ddg
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