Mr. R. P. Chhabra vs Sebi

Date of Decision: 28.01.2020

Misc. Application No. 43 of 2020 In Review Application No. 28 of 2019 In Appeal No. 422 of 2015

Mr. R. P. Chhabra House Number 5844, MHC, Manimajra, Chandigarh ...Applicant (Original 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 (Original Respondent)

Mr. Amol Chitale, Advocate with Mr. Ankur S. Kulkarni, Advocate for the Applicant/ (Original Appellant).

Mr. Kumar Desai, Advocate with Mihir Mody and Mr. Shehaab Roshan, Advocates i/b K. Ashar & Co. for the Respondent/ (Original Respondent)

CORAM: Justice Tarun Agarwala, Presiding Officer Dr. C.K.G. Nair, Member Justice M. T. Joshi, Judicial Member

Per: Justice Tarun Agarwala (Oral)

1.

We have heard learned counsel for the parties. Against

the order of Securities and Exchange Board of India ("SEBI")

August 03, 2015 and August 14, 2015 several appeals were filed

by the company and its directors which were disposed of by this 2 Tribunal by a common order dated June 29, 2018. The

appellant being aggrieved by the order of the Tribunal filed an

appeal before the Hon'ble Supreme Court of India, being Civil

Appeal No. 6568 of 2019. The said appeal was dismissed as

withdrawn by the Hon'ble Supreme Court on September 02,

2019. The order of the Hon'ble Supreme Court is extracted

hereunder.

"1. Learned senior counsel appearing for the appellant has prayed for liberty to withdraw this appeal to file review application before the concerned appellate Tribunal.

2. The appeal is dismissed as withdrawn with the above-mentioned liberty."

2. Based on the aforesaid order the Review Application was

filed before this Tribunal on October 22, 2019 without any

application for condoning the delay. Subsequently, an

application dated January 24, 2020 was filed praying for

condoning the delay, if any, in filing the Review Application.

3. The ground urged is that the appellant had been bonafidely

pursuing its remedy and had immediately filed an appeal before

the Hon'ble Supreme Court within the stipulated period as

provided under law but subsequently on the prayer of the

learned counsel for the appellant liberty was given to the

appellant to enable the appellant to file a Review Application

before this Tribunal which liberty was granted by the Hon'ble

Supreme Court in its order dated September 02 2019. It was 3 thus urged that immediately thereafter the Review

Application was filed and therefore there is no undue delay on

the part of the appellant.

4. Having heard the learned counsel for the applicant, we are

of the view, that there is an inordinate delay of 450 days as per

the report of the registry in filing the Review Application. The

time to file a Review Application starts running from the date

when the Tribunal passed an order. The period of limitation

starts from that date of the order of the Tribunal and not from

the date when the Hon'ble Supreme Court had passed the order

on September 02, 2019. We also find that the Hon'ble Supreme

Court had not condoned the delay but only granted liberty to file

a review if they so desire. Considering the aforesaid, we do not

find any reason to condone the inordinate delay of 450 days at

this stage. The Misc. Application is rejected as a result of

which the Review Application is also rejected without any order

on costs.

Sd/-

Justice Tarun Agarwala Presiding Officer

Sd/-

Dr. C.K.G. Nair Member

Sd/-

Justice M. T. Joshi Judicial Member 28.01.2020 Prepared & Compared By: PK