Mrs. Nisha Aggarwal vs Sebi
- CitationAppeal No. 601 of 2022
Ratio decidendi
The rule this decision rests on
An appellate tribunal has no power to direct waiver of interest accrued on a penalty where the governing provision contains no power to waive such interest, and a party who has not challenged the underlying adjudicating order cannot, at a belated stage, obtain relief by way of a waiver of interest that the order itself imposes.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Date of Decision : 27.09.2022 Appeal No. 601 of 2022 Mrs. Nisha Aggarwal 3/148 FF Sunder Vihar, Paschim Vihar, New Delhi - 110 087. .....Appellant Versus 1. Securities and Exchange Board of India SEBI Bhavan, Plot No. C-4A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051. 2. Mr. Rajeev Rastogi Deputy General Manager, Securities and Exchange Board of India SEBI, NRO, 8th Floor, Plot B, Tower 1, East Kidwai Nagar, New Delhi - 110 023. 3. Mr. Ishpreet Singh Manager, Securities and Exchange Board of India SEBI, NRO, 8th Floor, Plot B, Tower 1, East Kidwai Nagar, New Delhi - 110 023. ...Respondents Mr. Chandan Bhatia, Authorized Representative for the Appellant. Mr. Sumit Rai, Advocate with Mr. Nishit Dhruva, Mr. Ravishekhar Pandey and Ms. Shefali Shankar, Advocates i/b. MDP & Partners for the Respondent. CORAM : Justice Tarun Agarwala, Presiding Officer Ms. Meera Swarup, Technical Member 2 Per : Justice Tarun Agarwala, Presiding Officer (Oral) 1. We have heard the authorized representative of the appellant. The submission of the authorized representative is, that the impugned order was passed by the Adjudicating Officer ('AO' for short) of the Securities and Exchange Board of India ('SEBI' for short) on December 31, 2013 and that they only came to know of the order only in 2015. The appellant Mrs. Nisha Aggarwal was directed to pay a sum of Rs. 8 lakh.
It is contended that the appellant paid some amount in part in 2018 and thereafter requested SEBI to waive the interest and allow the appellant to pay the balance amount in installment. 2. The sole contention raised before this Tribunal is, that SEBI may be directed to waive the interest accrued on the penalty amount. 3. Having heard the parties, we are of the opinion that in the absence of any provision to waive the interest coupled with the fact that the impugned order has not been challenged we are of the opinion that appellant is not entitle for waiver of interest at this belated stage. The appeal is dismissed. 3 4. 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 RAJALA Digitally signed by RAJALAKSHMI 27.09.2022 KSHMI HDate:
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