Ms. Nikita Rungta vs Sebi
- CitationReview Application No.33 of 2022
Ratio decidendi
The rule this decision rests on
The Tribunal held that a review application may be disposed of by directing the applicant to pursue settlement, where the applicant's case falls squarely within a settlement scheme framed under the Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018; the Tribunal therefore treated the matter as one to be resolved under that scheme rather than on review. Where a settlement application is filed pursuant to such a direction, the authority concerned is bound to accept it as an application made in a pending proceeding and to pass appropriate orders on it.
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: 4.11.2022 Misc. Application No.1348 of 2022 In Review Application No.33 of 2022 In Appeal No.85 of 2022 Ms. Nikita Rungta D/o. Shri Anil Kumar Rungta 24F, Sura 3rd Lane, 2nd Floor, Flat 2E, Beliaghata, Kolkata - 700010. ...Appellant Versus Securities and Exchange Board of India Through Chief General Manager and Adjudicating Officer (Shri Parag Basu) SEBI Bhavan, Plot No.C4-A, Block, Bandra Kurla Complex, Bandra (E), Mumbai -400051. ...Respondent Mr. Aadarsh Kothari, Advocate with Ms. Pragati Srivastava and Ms. Kavya Agarwal, Advocates for the Appellant. Mr. Abhiraj Arora, Advocate with Mr. Shourya Tanay, Advocate i/b. ELP for the Respondent. CORAM: Justice Tarun Agarwala, Presiding Officer Justice M.T. Joshi, Judicial Member 2 Per: Justice Tarun Agarwala, Presiding Officer (Oral) 1. Review application has been filed against our order passed in illiquid stock option matter. There is a delay in the filing of the review application. For the reasons stated in the application the delay is condoned. The application is allowed. 2. We find that the appellant's case is squarely covered by the SEBI Settlement Scheme 2022 which has been issued in terms of the Regulation 26 of Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018. 3. In view of the aforesaid, we dispose of the review application directing the applicant/appellant to file an appropriate application for settlement before the authority concerned within two weeks from today. If the same is filed, the authority will accept the settlement application in terms of SEBI Settlement Scheme 2022 as an 3 application filed in a pending proceeding and pass appropriate orders. The review application is disposed of accordingly. 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 Justice M.T. Joshi Judicial Member RAJALAK Digitally signed SHMI by RAJALAKSHMI HARISH NAIR 4.11.2022 HARISH Date: 2022.11.16 NAIR 15:53:36 +05'30' RHN
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