Pasupati Fabrics Ltd. vs Sebi
- CitationAppeal No. 984 of 2022
Ratio decidendi
The rule this decision rests on
The penalty imposed under the SEBI Act for non-compliance with a complaint on the SCORES platform, a facility provided for redressal of complaints against listed companies, cannot be sustained where the company has been delisted before the order was passed, because a delisted company falls outside the purview of the SEBI Act and the regulatory actions made thereunder.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date of Decision : 20.01.2023
Misc. Application No. 1706 of 2022 And Appeal No. 984 of 2022
Pasupati Fabrics Ltd. Flat No. 112, Competent House, F-14, Connaught Place, New Delhi - 110 001. .....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. Anil Kumar Jain, Company Secretary for the Appellant.
Mr. Sumit Rai, Advocate for the Respondent.
CORAM : Justice Tarun Agarwala, Presiding Officer Ms. Meera Swarup, Technical Member
Per : Justice Tarun Agarwala, Presiding Officer (Oral)
1.
Cause shown is sufficient. The order dated
December 5, 2022 is recalled. The restoration application is
allowed. The appeal is restored to its original number. 2
2. We have heard Shri Anil Kumar Jain, Company
Secretary for the appellant. We find from a perusal of the
impugned order dated February 9, 2018 that the penalty was
imposed for non-compliance of complaint on the SCORES
platform. This facility was provided for redressal of complaint
against listed companies. From the perusal of record we find
that appellant Company was delisted on May 12, 2017 which
is not disputed by the respondent. As a result of this delisting,
the Company went outside the purview of the SEBI Act and
the regulatory actions made thereunder.
3. In view of the aforesaid, the impugned order cannot be
sustained and is quashed. The appeal is allowed.
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 20.01.2023 MADHUKAR Digitally signed by MADHUKAR SHAMRAO SHAMRAO BHALBAR msb BHALBAR Date: 2023.01.20 17:29:35 +05'30'
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