Mrs. Neera Rani Gupta vs Sebi
- CitationAppeal No. 127 of 2023
Ratio decidendi
The rule this decision rests on
The impugned order was passed by an authority not competent to pass it: under the governing arrangement, the order was required to be made by the Member and Core Settlement Guarantee Fund Committee of the exchange, and an order passed by the Defaulters' Section instead is void for want of competence and is liable to be set aside, with the matter remitted to the competent Committee to decide afresh in accordance with law.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date of Decision : 09.02.2023
Misc. Application No. 88 of 2023 And Appeal No. 127 of 2023
Mrs. Neera Rani Gupta B 130, Oriental Appt., Plot No. 50, Sector 9, Rohini, Delhi - 110 085. .....Appellant
Versus National Stock Exchange of India Ltd. Plot No. C/1, G Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051. ... Respondent
Mr. Prashant Trivedi, Advocate for the Appellant and Mrs. Neera Rani Gupta, Appellant in Person.
Mr. Pradeep Sancheti, Senior Advocate with Mr. Akshay Vani and Mr. Sunilkumar Pillai, Advocate 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.
We have heard the learned counsel for the parties.
We find that the impugned order has been passed by the 2
Defaulters' Section whereas the order is required to be passed
by the Member and Core Settlement Guarantee Fund
Committee ('Committee / MCSGFC' for short) of National
Stock Exchange of India Limited ('NSE' for short).
Consequently, on this short point the impugned order /
communication is set aside. The appeal is allowed. The matter
is remitted to the Committee to pass a fresh order in
accordance with law. Miscellaneous application is 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 09.02.2023 MADHUKAR Digitally signed by MADHUKAR SHAMRAO SHAMRAO BHALBAR msb BHALBAR Date: 2023.02.10 16:49:39 +05'30'
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