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Rajendra Kumar Agarwal vs Sebi

Securities Appellate Tribunal14 November 2022

Ratio decidendi

The rule this decision rests on

The appellant's case, being squarely covered by the SEBI Settlement Scheme 2022 issued under Regulation 26 of the SEBI (Settlement Proceedings) Regulations, 2018, is entitled to be dealt with under that Scheme; a review application may be disposed of by directing the applicant to file a settlement application before the authority concerned, which must then be accepted and processed as an application filed in a pending proceeding.

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 : 14.11.2022 Misc. Application No. 1265 of 2022 And Review Application No. 46 of 2022 In Appeal No. 206 of 2022 Rajendra Kumar Agarwal HB 30 Salt Lake Block, HB Premises to End Word 17, Salt Lake S N 24 PGS, Kolkata, West Bengal - 700 106. .....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. Ram Awatar Dhoot, Advocate i/b R.A. Dhoot & Co. for the Appellant / Applicant. Mr. Abhiraj Arora, Advocate and Mr. Shourya Tanay, Advocate 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) 2 1. Review application has been filed against the order passed in illiquid stock option matter. There is a delay in the filing of the review application. For the reasons stated in the application the delay is condoned. The application is allowed. 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 Technical Member RAJALA Digitally signed KSHMI by RAJALAKSHMI 14.11.2022 HARISH HARISH NAIR Date: 2022.11.21 NAIR 15:40:05 +05'30' msb

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