Lata Bejgam & Ors. vs Sebi
- CitationAppeal No.924 of 2022
Ratio decidendi
The rule this decision rests on
The order records that the appellants are preferential allottees who made profits by selling shares after the lock-in period, that the sale price was treated as unlawful gain on which penalties were imposed, and that the basis of the penalty calculation was not indicated; it then grants a stay of the impugned order on deposit of 25% of the penalty, with the balance not to be recovered pending appeal. The reasoning here is limited to a prima facie view on the record and an interim protective direction, and it lays down no general principle of law. NO_RATIO: The order is an interim stay on deposit terms and records only a prima facie observation that the penalty computation is unexplained, without deciding any question of law as a final ground of decision.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Date: 23.11.2022 Appeal No.924 of 2022 Lata Bejgam ...Appellant Versus Securities and Exchange Board of India ...Respondent Mr. Abishek Venkatratnam, Advocate with Ms. Sabeena Mahadik, Sagar Hate i/b. Visesha Law Services for the Appellant. Mr. Ravishekhar Pandey, Advocate with Mr. Nishit Dhruva and Ms. Shefali Shankar, Advocates i/b. MDP & Partners for the Respondent. With Appeal No.925 of 2022 Jospeh Polisetty ...Appellant Versus Securities and Exchange Board of India ...Respondent Mr. Abishek Venkatratnam, Advocate with Ms. Sabeena Mahadik, Sagar Hate i/b. Visesha Law Services for the Appellant. Mr. Ravishekhar Pandey, Advocate with Mr. Nishit Dhruva and Ms. Shefali Shankar, Advocates i/b. MDP & Partners for the Respondent. With Appeal No.926 of 2022 2 Perraju Pericharla ...Appellant Versus Securities and Exchange Board of India ...Respondent Mr. Abishek Venkatratnam, Advocate with Ms. Sabeena Mahadik, Sagar Hate i/b. Visesha Law Services for the Appellant. Mr. Ravishekhar Pandey, Advocate with Mr. Nishit Dhruva and Ms. Shefali Shankar, Advocates i/b.
MDP & Partners for the Respondent. With Appeal No.927 of 2022 Shiva Kumar Komaravelli ...Appellant Versus Securities and Exchange Board of India ...Respondent Mr. Abishek Venkatratnam, Advocate with Ms. Sabeena Mahadik, Sagar Hate i/b. Visesha Law Services for the Appellant. Mr. Pradeep Sancheti, Senior Advocate with Mr. Nishit Dhruva, Mr. Ravishekhar Pandey and Ms. Shefali Shankar, Advocates i/b. MDP & Partners for the Respondent. Order : 1. All these appeals are against a common order and are being taken up together. Let reply be filed by the respondent within three weeks. Rejoinder may be filed three weeks thereafter. 2. Matter would be listed for admission and for final disposal on 17th January, 2023. 3. We find that the appellants are preferential allottees and have made profits after selling the shares after the expiry of the lock-in period. The sale price has been taken to be the unlawful gain based on which the penalties have been imposed. How the penalty has been calculated has not been indicated. 4. Considering the aforesaid, we direct that the effect and operation of the impugned order insofar as the appellants are concerned shall remain stayed provided the appellant deposits 25% of the penalty amount within six weeks from today.
If the said amount is deposited the balance amount shall not be recovered during the pendency of the appeal. 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 of this 4 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 RAJALAKS Digitally signed HMI by RAJALAKSHMI 23.11.2022 HARISH NAIR HARISH Date: 2022.11.28 RHN 16:24:42 +05'30' NAIR
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