Muniaraj Radhakrishnan vs Sebi
- CitationAppeal No. 588 of 2023
Ratio decidendi
The rule this decision rests on
The impugned penalty orders for non-disclosure of trades under Regulation 7(2)(a) of the PIT Regulations, 2015 cannot stand where the controversy is squarely covered by an earlier decision of this Tribunal; the appeals are allowed, the impugned orders quashed, and the matter remitted to the Adjudicating Officer to pass a fresh order in light of that decision.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date of Decision : 12.07.2023
Misc. Application No. 802 of 2023 And Appeal No. 588 of 2023
C. Santhosh Krishna Nagar 7 Cross Sipcot, Hosur, Hosur Indl. Complex Hosur, Krishnagiri, Tamil Nadu - 635126, India . ..... Appellant
Versus
Securities & Exchange Board of India SEBI Bhavan, Plot No. C-4A, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. ... Respondent
With Misc. Application No. 803 of 2023 And Appeal No. 589 of 2023
Jayaraj P. 5 953, Tejas Residency, Muneeswar Nagar, Mookandapalli, Hosur, Tamil Nadu - 635109, India. ..... Appellant
Versus
Securities & Exchange Board of India SEBI Bhavan, Plot No. C-4A, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. ... Respondent
With Misc. Application No. 804 of 2023 And Appeal No. 590 of 2023
George Mekat Inner Spaces, Meadow in the Sun, C003, Kasavanahalli Main Road, Owners Court West, Eastwood TWP, Sarjapura Road, Bangalore South Bengaluru, Karnataka, 560035, India . ..... Appellant
Versus 2
Securities and Exchange Board of India ...... Respondent SEBI Bhavan, Plot No. C-4A, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051.
With Misc. Application No. 805 of 2023 And Appeal No. 591 of 2023
Mathalai Manikandan Plot No. 30, Thillai Nagar, Bagalur Road, Hosur, Zuzuvadi, Hosur Indl. Complex, Krishnagiri, Tamil Nadu - 635126, India. ..... 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
With Misc. Application No. 806 of 2023 And Appeal No. 592 of 2023
K. Nagabushana S/o: Kotesiddappa, 130, 3rd Floor, Aryan Building, 4th Cross Anekal Road, Muneshwar Layout, Attibele Anekal Taluk, Attibele, Bengaluru, Karnataka - 562107. ..... 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
With Misc. Application No. 807 of 2023 And Appeal No. 593 of 2023
Haridass G. 3/20, Lakshmi Narashimma Nagar, Dinnur, Opp. Elforge Ltd., Hosur, Krishnagiri, Tamil Nadu - 635 109, India. ..... Appellant
Versus 3
Securities and Exchange Board of India SEBI Bhavan, Plot No. C-4A, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. ...... Respondent
With Misc. Application No. 808 of 2023 And Appeal No. 594 of 2023
G. Manigandan 19/59(1), Titan Township Mathigiri, Hosur Cattle Farm, Krishnagiri, Tamil Nadu - 635110, India. ..... 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
With Misc. Application No. 809 of 2023 And Appeal No. 595 of 2023
Murugan M. D No. 3/709, 7th Cross, Bharathi Nagar Arasanatti, Hosur, Mookondapalli, Krishnagiri, Tamil Nadu - 635126, India. ..... 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
With Misc. Application No. 810 of 2023 And Appeal No. 596 of 2023
Muniaraj Radhakrishnan 19, Avenue Residency, Thottagiri Road, Hosur, Krishnagiri, Tamil Nadu - 635109, India. ..... Appellant
Versus
Securities and Exchange Board of India 4
SEBI Bhavan, Plot No. C-4A, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. ...... Respondent
With Misc. Application No. 811 of 2023 And Appeal No. 597 of 2023
A. Rathinappan LIG 369B, TNH B2, Phase Kattiganapalli, Post, Krishnagiri, Tamil Nadu - 635002. ..... 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
Mr. S. N. Viswanathan, Advocate for the Appellants.
Mr. Manish Chhangani, Advocate with Ms. Samreen Fatima, Mr. Sumit Yadav, Mr. Abhay Chauhan, Advocates i/b The Law Point for the Respondent.
CORAM : Justice Tarun Agarwala, Presiding Officer Ms. Meera Swarup, Technical Member
Per : Justice Tarun Agarwala, Presiding Officer (Oral)
1.
There is a delay in the filing of the appeals. For the reasons
stated in the applications, the delay in the filing of the appeals is
condoned. The applications are allowed.
2. Even though separate orders have been passed, the issue is
common and, consequently, these appeals are being taken up
together. The Adjudicating Officer has passed an order imposing a 5
penalty of Rs.1 lakh and Rs.1.25 lakh for non-disclosure of the trades
executed by the appellants which was found to be in violation of
Regulations 7(2)(a) of the Securities and Exchange Board of India
(Prohibition of Insider Trading) Regulations, 2015 (hereinafter
referred to as 'PIT Regulations').
3. We find that the controversy involved in the present appeals
is squarely covered by the decision of this Tribunal in Appeal no.654
of 2022, Sudhir Bapusaheb Devkar v. SEBI decided on 10th
October, 2022. Accordingly, the impugned orders are quashed. The
appeals are allowed. The matter is remitted to the Adjudicating
Officer to pass a fresh order in the light of the decision of this
Tribunal within three months.
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 12.07.2023 PRAMILA Digitally signed by PRAMILA TANAJI
PTM TANAJI MISAL Date: 2023.07.12 MISAL 16:58:18 +05'30'
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