Manindra Chandrasen vs Sebi
- CitationReview Application No. 661 of 2023
Ratio decidendi
The rule this decision rests on
A review application that the governing framework assigns to the Defaulters' Committee cannot validly be decided by the Defaulters' Section; a decision so taken is vitiated by want of authority in the deciding body, and the impugned order is liable to be set aside on that ground alone, with the matter remitted to the competent committee for a fresh decision in accordance with law.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date of Decision : 06.07.2023
Misc. Application No. 660 of 2023 And Review Application No. 661 of 2023 And Appeal No. 512 of 2023 Manindra Chandrasen 23/3 Manoramaganj, Near Mangalann Regency, Indore - 452001 .....Appellant
Versus
National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E), Mumbai 400 051 ... Respondent
Mr. Kunal Kataria, Advocate with Mr. Aagam J. Doshi, Advocate i/b Aagam Doshi & Co. for the Appellant.
Mr. Akshay Vani, Advocate with Mr. Jaikishan Lakhwani, Mr. Sunilkumar Pillai and Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates for the Respondent.
CORAM : Justice Tarun Agarwala, Presiding Officer Ms. Meera Swarup, Technical Member
Per : Justice Tarun Agarwala, Presiding Officer (Oral)
1.
Heard learned counsel for the parties. We find that the
review application has been considered and decided by the 2
Defaulters' Section whereas the review application was
required to be decided by the Defaulters' Committee. On this
short ground, the impugned order is set aside. The appeal is
allowed. The matter is remitted to the review committee to
pass an order in accordance with law. Miscellaneous
applications are disposed of.
2. 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
06.07.2023 MADHUKAR Digitally signed by MADHUKAR SHAMRAO SHAMRAO BHALBAR msb BHALBAR Date: 2023.07.06 16:43:47 +05'30'
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