M/S. Chancellor Commodeal Pvt. Ltd. vs Sebi

Securities Appellate Tribunal20 January 2023Tarun Agarwala

CitationAppeal No. 81 of 2023

Ratio decidendi

The rule this decision rests on

The appeal was filed after an unexplained delay of more than 1292 days, and the appellant's request to have it considered under the SEBI Settlement Scheme cannot save it: relief under that scheme is not available where the appeal against the penalty order is itself barred by laches, and the appeal is accordingly dismissed on the ground of laches.

Written by Miss Lucy from the judgment below, not taken from a headnote.

Judgment

As delivered

BEFORE THE SECURITIES APPELLATE TRIBUNALMUMBAIDate of Decision : 20.01.2023Misc. Application No. 09 of 2023AndMisc. Application No. 10 of 2023AndAppeal No. 81 of 2023M/s. Chancellor Commodeal Pvt. Ltd.127, Netaji Subhas Road, 3rd Floor,Room No. 3/1, Kolkata - 700 001. ..... AppellantVersusSecurities & Exchange Board of IndiaSEBI Bhavan, Plot No. C-4A, G Block,Bandra Kurla Complex, Bandra (East),Mumbai - 400 051. ...... RespondentMr. Rajiv Kumar Choudhary, Advocate for the Appellant.Mr. Abhiraj Arora, Advocate i/b ELP for the Respondent.CORAM : Justice Tarun Agarwala, Presiding OfficerMs. Meera Swarup, Technical MemberPer : Justice Tarun Agarwala, Presiding Officer (Oral)1.The impugned order was passed on May 7, 2019. The penaltywas paid pursuant to the impugned order on June 7, 2019 and the

matter reached an end. Now, after three years, the present appeal has

been filed with an application for condonation of delay with a request 2

that their appeal may be considered under the SEBI Settlement

Scheme floated by the respondent.

2. In our opinion, no relief can be granted under the SEBI

Settlement Scheme quite apart from the fact that there is an undue

delay of more than 1292 days. The appeal is dismissed on the

ground of laches.

3. 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. 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 20.01.2023 PRAMILA Digitally signed by

PTM TANAJI PRAMILA TANAJI MISAL Date: 2023.01.20

MISAL 17:13:30 +05'30'

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