M J Shares & Securities Pvt. Ltd. vs Sebi
- CitationAppeal No. 460 of 2021
Ratio decidendi
The rule this decision rests on
The delay of 770 days in filing the appeal cannot be condoned where the ground advanced, namely that the directors are senior citizens and relied wholly on a third person who could not file the appeal because his wife was ill, is neither legal nor sufficient, and the delay is inordinate. Where the controversy on merits is squarely covered by an earlier decision of the Tribunal, no reason exists to interfere with the impugned order, and the appeal is dismissed on that basis.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date of Decision : 07.07.2021
Misc. Application No. 672 of 2021 And Appeal No. 460 of 2021
M J Shares & Securities Pvt. Ltd. 43, 4th Floor, Venus Apartment, Cuffe Parade, Colaba, Mumbai - 400 005. ...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. Nikhil Kumar Rungta, Advocate for the Appellant.
Mr. Abhiraj Arora, Advocate with Ms. Rashi Dalma and Mr. Karthik Narayan, Advocates i/b ELP for the Respondent.
CORAM: Justice Tarun Agarwala, Presiding Officer Justice M.T. Joshi, Judicial Member
Per: Justice Tarun Agarwala, Presiding Officer (Oral)
1.
There is a delay of 770 days in the filing of the appeal.
Accordingly an application for condonation of delay has been
filed.
2
2. We have heard the learned counsel for the parties. We find
that the impugned order was passed on February 28, 2019 and
the appeal was filed only on May 27, 2021. Consequently, there
is a delay of 770 days in the filing of the appeal. The learned
counsel for the appellant submitted that the two directors of the
Company are senior citizens and they were relying wholly on a
third person Mr. Vasantlal Darji who could not file the appeal as
his wife was ill and accordingly the delay should be condoned.
In our view the ground made is neither legal nor sufficient. We
are of the opinion that there is an inordinate delay in the filing
of the appeal and the delay cannot be condoned.
3. Even otherwise on merits the controversy involved in the
present appeal is squarely covered by a decision of this Tribunal
in the matter of Global Earth Properties and Developers Pvt.
Ltd. vs Securities and Exchange Board of India (Appeal No.
212 of 2020 decided on September 14, 2020).
4. Consequently, for the reasons stated aforesaid we do not
find any reason to interfere in the impugned order. The appeal
fails on both counts and is dismissed with no order as to costs. 3
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 Judicial Member 07.07.2021 RAJALA Digitally by signed
KSHMI NAIR RAJALAKSHMI H
msb Date: 2021.07.08 H NAIR 13:11:24 +05'30'
This page reproduces a public judgment and a summary of it. It is research material, not legal advice, and it is no substitute for advice from an advocate on your own facts.
Research this judgment with Miss Lucy
Ask what it holds, what has followed it, and what it means for your matter — in plain English, with the citations.
Try Miss Lucy free