Ms. Shweta Garodia vs Sebi
- CitationAppeal No.676 of 2022
Ratio decidendi
The rule this decision rests on
The appeal is disposed of on the footing that it falls within the SEBI Settlement Scheme, 2022 made under Regulation 26 of the Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018, and is governed by this Tribunal's earlier decision in Dhanwantri Suppliers Pvt. Ltd. v. SEBI, so that a matter of this category pending in appeal is to be resolved through the settlement mechanism rather than adjudicated on its merits. Where the appellant files a settlement application before the competent authority within the time fixed, that application is to be treated as one filed in a pending proceeding and accepted under the Settlement Scheme, with the authority required to pass appropriate orders on it. A delay in filing an appeal is condoned where the reasons stated in the accompanying application justify it, and the connected applications for condonation of delay and exemption are allowed on that basis.
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: 11.10.2022 Misc. Application No.1003 of 2022 And Misc. Application No.1004 of 2022 And Misc. Application No.1190 of 2022 And Appeal No.676 of 2022 Ms. Shweta Garodia 89 Bangur Avenue, Block-B, Lake Town, North 24 Parganas, Kolkata, West Bengal - 700055. ...Appellant Versus Securities and Exchange Board of India SEBI Bhavan, Plot No.C4-A, G-Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400051. ...Respondent Dr. Manas S. Ray, Advocate 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 Ms. Meera Swarup, Technical Member Per: Justice Tarun Agarwala, Presiding Officer (Oral) 2 1. This appeal is categorized as an illiquid stock option matter and is covered by a settlement scheme issued in terms of the Regulation 26 of Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018 which is called SEBI Settlement Scheme, 2022 and is also squarely covered by our decision in Appeal No. 401 of 2022 Dhanwantri Suppliers Pvt. Ltd. vs. SEBI decided on August 23, 2022. 2. There is a delay in the filing of the appeal. For the reasons stated in the application, the delay in the filing of the appeal is condoned. The application is allowed. The exemption application is also allowed. 3. In view of the aforesaid, we dispose of the appeal directing the 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 proposed SEBI Settlement 3 Scheme 2022 as an application filed in a pending proceeding and pass appropriate orders. The appeal is disposed of. Misc. application no.1004 of 2022 is also 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 Ms. Meera Swarup Technical Member RAJALAK Digitally signed by RAJALAKSHMI SHMI H 11.10.2022 NAIR H NAIR Date: 2022.10.13 18:18:29 +05'30' RHN
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