Rajendra Kumar Pugalia Huf vs Sebi
- CitationAppeal No. 504 of 2022
Ratio decidendi
The rule this decision rests on
The Tribunal disposed of the appeal on the basis that the respondent had placed before it a settlement scheme, SEBI Settlement Scheme, 2022, issued under Regulation 26 of the SEBI (Settlement Proceedings) Regulations, 2018, which offered settlement to entities that executed reversal trades in the stock option segment of the Bombay Stock Exchange during the period 1 April 2014 to 30 September 2015; the appellant, falling within that class, was held entitled to pursue that route, and the appeal was closed on that footing, with the appellant directed to file a settlement application before the competent authority within two weeks, to be treated as an application 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 : 23.08.2022 Misc. Application No. 850 of 2022 And Misc. Application No. 851 of 2022 And Appeal No. 504 of 2022 Rajendra Kumar Pugalia HUF 17B Rupchand Mukherjee Lane, 2nd Floor Kolkata, West Bengal - 700025. ....Appellant Versus Securities & 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 for the Appellant. Mr. Abhiraj Arora, Advocate with Mr. Deepanshu Agarwal, 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. An affidavit has been filed by the respondent indicating that a settlement scheme has been issued in terms of Regulation 26 of Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018 which is called SEBI Settlement Scheme, 2022 wherein an opportunity for settlement has been provided to the entities 2 who have executed reversal trades in the stock option segment of Bombay Stock Exchange Ltd. during the period April 1, 2014 to September 30, 2015. 2. In view of the aforesaid, we dispose of the appeal directing the 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 proposed SEBI Settlement Scheme 2022 as an application filed in a pending proceeding and pass appropriate orders. The appeal is disposed of. 3. 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 RAJALA Digitally signed Technical Member by 23.08.2022 KSHMI NAIR RAJALAKSHMI H Date: 2022.08.29 PTM H NAIR 09:58:52 +05'30'
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