Mr. Naidu Mohanbhai Naranbhai vs Sebi
- CitationAppeal No.210 of 2018
Ratio decidendi
The rule this decision rests on
A party that has received an impugned order and does not challenge it within the limitation period cannot escape the delay merely by alleging that the order was passed without service of a show cause notice, since that ground did not prevent a timely appeal against an order admittedly served; and where the appellant initiated no challenge even after execution proceedings were commenced against it, an inordinate delay of several thousand days is not explained and does not warrant condonation under the statute governing appeals to the Securities Appellate Tribunal.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date of Decision: 19.6.2018
Misc. Application No.175 of 2018 And Appeal No.210 of 2018
Mr. Arvind Bhimji Makwana, 7/146, Muncipal Slum Quarters, Opp. Tirupati Estate, Saraspur, Ahemdabaad, At Gujarat. ..... Appellant
Versus
Securities and Exchange Board of India SEBI Bhavan, Plot No.C4/A, Bandra Kurla Complex, Bandra(East), Mumbai-400 051. ... Respondent
With Misc. Application No.176 of 2018 And Appeal No.211 of 2018
Mr. Prajapati Ganeshbhai Punamchand, Hirabhai Martket, Diwaan Ballubhai Road, Ahemdabaad, Ahemdabaad- 380022, Gujarat, India. ..... Appellant
Versus
Securities and Exchange Board of India SEBI Bhavan, Plot No.C4/A, Bandra Kurla Complex, Bandra(East), Mumbai-400 051. ... Respondent
With Misc. Application No.177 of 2018 And Appeal No.212 of 2018
Mr. Naidu Mohanbhai NaranBhai 2
74/1772, Gujarat Housing Board, Meghani Nagar, Ahemdabaad, Gujarat 380016. ..... Appellant
Versus
Securities and Exchange Board of India SEBI Bhavan, Plot No.C4/A, Bandra Kurla Complex, Bandra(East), Mumbai-400 051. ... Respondent
Mr. Shahid Pathan, Advocate for the Appellant.
Mr. Vishal Kanade, Advocate with Mr. Mihir Mody and Mr. Nishant Upadhyay, Advocates i/b. K. Ashar & Co. for the Respondent.
CORAM : Justice J. P. Devadhar, Presiding Officer Dr. C.K.G. Nair, Member
Per : Justice J. P. Devadhar (Oral)
1.
By these three Miscellaneous Applications, each appellant seeks
condonation of 3,325 days delay in filing the respective appeal.
2. The three appeals are filed by the appellants to challenge three
orders passed by the Adjudicating Officer ('AO' for short) of Securities and
Exchange board of India ('SEBI' for short) all dated March 16, 2009. Each
appellant admits that in March/April, 2009 itself SEBI had communicated
the orders passed against the respective appellant.
3. In such a case, having received the impugned order in the year 2009
itself, appellants are not justified in filing the appeals after 9 years delay.
4. Argument that the impugned orders have been passed without
serving the show cause notice to the respective appellant is without any
merit, because, even if the impugned orders were passed without serving 3
the show cause notice, nothing prevented the appellants to challenge those
orders which were admittedly served in the year 2009. Moreover, it is not
in dispute that execution proceedings were initiated by SEBI against the
appellants in the year 2015. Inspite of initiation of the execution
proceedings in the year 2015, appellants have chosen to file appeals against
the impugned order belatedly in the year 2018.
5. In these circumstances, in our opinion appellants have not made out
a case for condoning the inordinate delay of 3,325 days in filing the
Appeals. Accordingly all the three Miscellaneous Applications are
dismissed.
6. In view of dismissal of the Misc. Applications, all three appeals filed
by the appellants do not survive and accordingly all three appeals are also
disposed of with no order as to costs.
Sd/-
Justice J.P. Devadhar Presiding Officer
Sd/-
Dr. C. K. G. Nair Member
19.6.2018 Prepared and compared by RHN
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