Lovely Vincom Pvt. Ltd. vs Sebi
- CitationReview Application No. 59 of 2022
Ratio decidendi
The rule this decision rests on
The Tribunal holds that where an appellant's case is squarely covered by a settlement scheme issued under the settlement regulations, a review of the Tribunal's earlier order may be disposed of by directing the appellant to apply for settlement before the competent authority within a fixed time, and that such an application, when filed, is to be accepted as an application made in a pending proceeding and disposed of in accordance with the scheme.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Date of Decision : 17.11.2022 Misc. Application No. 1408 of 2022 And Review Application No. 59 of 2022 In Appeal No. 177 of 2022 Lovely Vincom Pvt. Ltd. 200 Bangure Avenue Kolkata, West Bengal - 700 055. .....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 Mr. Ram Awatar Dhoot, Advocate i/b R.A. Dhoot & Co. for the Appellant / Applicant. Mr. Abhiraj Arora, Advocate and Mr. Shourya Tanay, Advocate i/b ELP for the Respondent. CORAM : Justice Tarun Agarwala, Presiding Officer Ms. Meera Swarup, Technical Member Per : Justice Tarun Agarwala, Presiding Officer (Oral) 2 1. Review application has been filed against the order passed in illiquid stock option matter. There is a delay in the filing of the review application. For the reasons stated in the application the delay is condoned. The application is allowed. 2. We find that the appellant's case is squarely covered by the SEBI Settlement Scheme 2022 which has been issued in terms of the Regulation 26 of Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018. 3. In view of the aforesaid, we dispose of the review application directing the applicant / appellant to file an appropriate application for settlement before the authority concerned within two weeks from today. If the same is filed, the authority will accept the settlement application in terms of SEBI Settlement Scheme 2022 as an application filed in a pending proceeding and pass appropriate orders. The review application is disposed of. 4. This order will be digitally signed by the Private Secretary on behalf of the bench and all concerned parties are 3 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 RAJALAK Digitally signed by SHMI RAJALAKSHMI 17.11.2022 HARISH HARISH NAIR Date: 2022.11.24 NAIR 10:53:12 +05'30' msb
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