Panyam Cement And Mineral Industries ... vs Sebi
- CitationAppeal No. 15 of 2023
Ratio decidendi
The rule this decision rests on
The appeal is allowed because the controversy is squarely covered by the Tribunal's earlier decision in Monnet Ispat & Energy Limited v. SEBI, and the impugned order therefore cannot be sustained; the impugned order is quashed on that basis, following the reasoning of the earlier decision on the same issue.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Panyam Cement and Mineral Industries Ltd. 10/156, Betamcheria Road, Cement Nagar, Kurnool, Andhra Pradesh - 518 206. ..... 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. Sumit Rai, Advocate with Mr. Ravishekhar Pandey, Mr. Nishit Dhruva, Advocates i/b. MDP & Partners 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 appeal. For the reasons
stated in the application, the delay is condoned. Misc. Application is
allowed. Exemption application is also disposed of. 2
2. We have heard the learned counsel for the parties. We find
that the controversy involved in the present appeal is squarely
covered by a decision of this Tribunal in the case of Monnet Ispat &
Energy Limited vs. SEBI Appeal No. 238 of 2020 decided on
October 29, 2020.
3. In view of the aforesaid, the impugned order cannot be
sustained is quashed. The appeal is allowed with no order as to
costs.
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 10.01.2023 Digitally signed by PTM PRAMILA PRAMILA TANAJI MISAL TANAJI MISAL Date: 2023.01.10 16:38:12 +05'30'
This page reproduces a public judgment and a summary of it. It is research material, not legal advice, and it is no substitute for advice from an advocate on your own facts.
Research this judgment with Miss Lucy
Ask what it holds, what has followed it, and what it means for your matter — in plain English, with the citations.
Try Miss Lucy free