Purva Somani vs Sebi

Date of Decision : 11.08.2021

Misc. Application No. 913 of 2021 And Misc. Application No. 914 of 2021 And Appeal No. 529 of 2021

Nawal Kumar Somani 42, Jai Jawan Colony -III, Durgapura, Jaipur - 302 018. (Rajasthan) ..... Appellant

Versus

National Stock Exchange of India Ltd. Exchange Plaza, Block G, C 1, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. ... Respondent

With Misc. Application No. 915 of 2021 And Misc. Application No. 916 of 2021 And Appeal No. 530 of 2021

Prem Lata Somani 42, Jai Jawan Colony -III, Durgapura, Jaipur - 302 018. (Rajasthan) ..... Appellant 2

Versus

National Stock Exchange of India Ltd. Exchange Plaza, Block G, C 1, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. ... Respondent

With Misc. Application No. 917 of 2021 And Misc. Application No. 918 of 2021 And Appeal No. 531 of 2021

Prem Somani Financial Services Ltd. (through its assignee and authorised representative Mr. Nivesh Somani)

42, Jai Jawan Colony -III, Durgapura, Jaipur - 302 018. (Rajasthan) ..... Appellant

Versus

National Stock Exchange of India Ltd. Exchange Plaza, Block G, C 1, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. ... Respondent

With Misc. Application No. 919 of 2021 And Misc. Application No. 920 of 2021 And Appeal No. 532 of 2021 3

Purva Somani 42, Jai Jawan Colony -III, Durgapura, Jaipur - 302 018. (Rajasthan) ..... Appellant

Versus

National Stock Exchange of India Ltd. Exchange Plaza, Block G, C 1, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. ... Respondent

Mr. Akshit Jain, Advocate for the Appellants.

Mr. Zal Andhyarujina, Senior Advocate with Mr. Rashid Boatwalla, Mr. Aditya Vyas, Advocates i/b MKA & Co. for Respondent.

CORAM : Justice Tarun Agarwala, Presiding Officer Justice M. T. Joshi, Judicial Member

Per : Justice Tarun Agarwala, Presiding Officer (Oral)

1.

This group of appeals arises from the same issue and are being

taken up together.

2. We have heard the learned counsel for the parties. These

appeals have been filed against the communication dated December

3, 2019 and May 19, 2021 whereby the claim application has been

rejected.

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3. There is a delay in the filing of the appeals. The applicants

contends that the one of the appellants is a senior citizen and was in

depression and was not in contact with any advocate who was well

versed with the securities laws. For the reasons stated in the

applications, the delay is condoned. Misc. Applications are allowed.

4. The applications seeking exemption from filing the certified

copy of the impugned order are also allowed.

5. One of the grounds urged in the present appeals is that the

claim application of the appellants is required to be decided by the

Defaulters Committee of the respondent. In the instant case, the order

has been communicated by the defaulter section of the respondent.

This fact is admitted by the respondent. In view of the aforesaid, the

impugned communications dated December 3, 2019 and May 19,

2021 are set aside. The appeals are allowed. The matters are remitted

to the Defaulters Committee to pass fresh orders in accordance with

law.

6. The present matter was heard through video conference due to

Covid-19 pandemic. At this stage, it is not possible to sign a copy of

this order nor a certified copy of this order could be issued by the

Registry. In these circumstances, this order will be digitally signed 5

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.

Parties will act on production of a digitally signed copy sent by fax

and/or email.

Justice Tarun Agarwala Presiding Officer

Justice M. T. Joshi Judicial Member RAJALA Digitally by signed

11.08.2021 KSHMI RAJALAKSHMI NAIR H

Date: 2021.08.12 PTM H NAIR 15:46:03 +05'30'