Mr. Ashok Kumar vs Sebi

BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI

DATE : 03.01.2019

Misc. Application No. 203 of 2018 And Misc. Application No. 426 of 2018 And Appeal No. 197 of 2018

Mr. Ashok Kumar ..... Appellant

Versus

Securities and Exchange Board of India ... Respondent

Mr. Ankit Lohia, Advocate with Ms. Yasmin Bhansali, Advocate i/b Yasmin Bhansali & Co. for the Appellant. Mr. Gaurav Joshi, Senior Advocate with Mr. Mihir Mody, Mr. Nishant Upadhyay, Advocates i/b K. Ashar & Co. for the Respondent.

ORDER :

1. We have heard the learned counsel for the parties on Misc. Application No.

203 of 2018 for condonation of delay in filing the present appeal. There is a delay

of 215 days in filing the appeal. The impugned order is dated September 5, 2017.

It was urged that the appellant had no access to information and documents

pertaining to the affairs of the company as all the documents, computers, hard

discs had been seized by the Economic Offences Wing (EOW). It was urged that

the data in the hard discs and the hard drives were essential for the purpose of

filing an effective appeal. The appellant, accordingly, applied for a copy of the

hard discs before the Court of the Chief Metropolitan Magistrate, New Delhi in

January 2018 and, eventually, the Magistrate had passed an order in March 2018

allowing his application and directing the authority to supply a copy of the hard

disc. Thereafter, the present appeal was filed on June 4, 2018.

2. The learned counsel for the opposite party contended that no material has

been indicated in the memo of appeal which could bear some light on the fact that 2 these documents were part of the hard discs which would be considered and

utilized for the purpose of filing the appeal.

3. Be that as it may. Considering the submissions made by the appellant and

the assertions made in the application for condoning the delay, we are of the

opinion that in the interest of justice, the delay in filing the appeal should be

condoned.

4. Accordingly, Misc. Application No. 203 of 2018 is allowed. The delay in

filing the appeal is condoned subject to payment of costs of Rs. 50,000/- in favour

of The Registrar, Securities Appellate Tribunal Mumbai by way of a Demand

Draft drawn on any nationalized bank. Costs may be deposited by January 7, 2019

and if the same is done by January 7, 2019, the appeal alongwith stay application

would be listed for admission on January 8, 2019.

Sd/-

Justice Tarun Agarwala Presiding Officer

Sd/-

Dr. C. K. G. Nair Member 03.01.2019 Prepared & Compared by PTM