R. A. No. 63 Of 2022 In Appeal No. 631 Of ... vs Sebi
- CitationReview Application No. 63 of 2022
Ratio decidendi
The rule this decision rests on
The appellant's review application against the order in the illiquid stock option matter is disposed of on the ground that the case is squarely covered by the SEBI Settlement Scheme 2022, issued under Regulation 26 of the Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018. Where an applicant's case falls within the terms of that scheme, the Tribunal will direct the applicant to file a settlement application before the competent authority within a fixed time, and that application is to be accepted and treated as an application filed in a pending proceeding, with appropriate orders then passed by the authority.
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 : 21.11.2022 Review Application No. 63 of 2022 In Appeal No. 631 of 2021 AAY JAY Consultants & Investments Pvt. Ltd. 103, Mahatma Gandhi Road, ..... Applicant Kolkata - 700 007. (Org. Appellant) Versus Securities & Exchange Board of India SEBI Bhavan, Plot No. C-4A, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. ... Respondent Ms. Anjali Agrawal, Advocate with Mr. Rajendra Kumar Agrawal, CA i/b Ms. Anjali Agrawal, Advocate for the Applicant. Mr. Abhiraj Arora, Advocate with Ms. Misbah Dada, Mr. Shourya Tanay, Advocates 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) 1. Review application has been filed against the order passed in illiquid stock option matter. 2. We find that the appellant's case is squarely covered by the SEBI Settlement Scheme 2022 which has been issued in terms of the Regulation 26 of Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018. 3. In view of the aforesaid, we dispose of the review application directing the applicant / 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 SEBI Settlement Scheme 2022 as an application filed in a pending proceeding and pass appropriate orders. The review application is disposed of. 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 RAJALAK Digitally by signed Technical Member SHMI RAJALAKSHMI 21.11.2022 HARISH NAIR HARISH Date:
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