Rajendran Sivashankaran vs Sebi

Securities Appellate Tribunal25 January 2023Tarun Agarwala

CitationAppeal No. 113 of 2023

Ratio decidendi

The rule this decision rests on

The Tribunal has held that where the controversy in an appeal is squarely covered by its earlier decision in Sukumar Subramanian v. SEBI, the appeal is decided by applying that decision, so that a director who is a party to the connected appeal is entitled to the same relief as the lead appellant: the penalty imposed on him is reduced to the level fixed in that decision, here Rs. 10 lakh rather than Rs. 1 crore.

Written by Miss Lucy from the judgment below, not taken from a headnote.

Judgment

As delivered

BEFORE THE SECURITIES APPELLATE TRIBUNALMUMBAIDate of Decision: 25.01.2023Misc. Application No. 1796 of 2022AndMisc. Application No. 1797 of 2022AndMisc. Application No. 1798 of 2022AndAppeal No. 113 of 2023Rajendran SivashankaranNo. 48, Thiruvalluvarpuram West,Tambaram, Chennai- 600 045 ...AppellantVersusSecurities and Exchange Board of India,SEBI Bhavan, Plot No. C-4A, G-Block,Bandra-Kurla Complex, Bandra (East),Mumbai- 400 051 ...RespondentR. Padmanabhan & Associates for the Appellant.Mr. Sumit Rai, Advocate with Mr. Mihir Mody, Mr. ArnavMisra and Mr. Mayur Jaisingh, Advocates i/b. K Ashar & Co.for the Respondent.CORAM: Justice Tarun Agarwala, Presiding OfficerMs. Meera Swarup, Technical MemberPer: Justice Tarun Agarwala, Presiding Officer (Oral)1.For the reasons stated in the application, the delay in thefiling of the appeal is condoned. The application is allowed.22. Since the appeal has been taken up for hearing, theurgency application is disposed off.

3. Having heard the learned counsel for the parties, we find

that the controversy involved in the present appeal is squarely

covered by a decision of this Tribunal dated September 02,

2022 in Appeal No. 43 of 2020 Sukumar Subramanian vs.

SEBI and other connected companion appeals.

4. In the said order, we had reduced the penalty from Rs. 1

crore to Rs. 10 lakh each payable by the Directors. The

appellant is one of the Directors and is, therefore, entitled for a

similar relief.

5. Accordingly, the penalty against the appellant is reduced

to Rs. 10 lakhs. The appeal is partly allowed. The exemption

application is accordingly disposed off.

6. 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 25.01.2023 PRERNA Digitally by PRERNA signed

PK MANISH MANISH KHARE Date: 2023.01.27 KHARE 10:54:32 +05'30'

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