Ramesh Chandra Gupta vs Sebi

Date of Decision: 24.02.2020

Appeal No. 504 of 2019

Ramesh Chandra Gupta 270, Radhika Apartment, LIG Pocket-I, Phase II, Sector 14 Dwarka, New Delhi- 75 ...Appellant

Versus

1.

Securities and Exchange Board of India, SEBI Bhavan, Plot No. C-4A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051

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

3. M/s Kassa Finvest Private Limited H- 35/3, Ground Floor, Connaught Circus, New Delhi- 110 001 ...Respondents

Mr. Abhishek Mishra, Advocate for the Appellant.

Mr. Anubhav Ghosh, Advocate with Ms. Rashi Dalmia, Advocate i/b The Law Point for Respondent No. 1.

Mr. Zalak Mody, Advocate i/b MKA & Co. for Respondent No.

2.

CORAM: Justice Tarun Agarwala, Presiding Officer Dr. C.K.G. Nair, Member Justice M. T. Joshi, Judicial Member 2

Per: Justice Tarun Agarwala (Oral)

1. The appellant has filed the present appeal against the

communication dated August 01, 2019 issued by Securities and

Exchange Board of India ("SEBI" for convenience) whereby the

appellant was informed that his complaint was closed on the

SCORES platform on March 20, 2018.

2. It transpires that the appellant made a complaint on

September 04, 2017 which was forwarded by SEBI to National

Stock Exchange of India Limited ("NSE" for convenience).

Action Taken Report was made on October 06, 2017 wherein

the appellant was informed that the claim was rejected since

certified Manual Ledger from a Chartered Accountant was not

submitted inspite of reminders and accordingly the complaint

was closed on March 20, 2018. This fact was in the knowledge

of the appellant as is clear from paragraph 5.28 of the

memorandum of appeal. We find that thereafter nothing was

done by the appellant and on February 05, 2019 a certified copy

of the Manual Ledger was sent which was not accepted by NSE

as the complaint was closed as far back as on March 20, 2018.

Against this communication dated August 01, 2019, the present

appeal has been filed.

3

3. Having heard the learned counsel for the appellant, we

find that there is an inordinate delay in filing the present appeal.

Merely by making a fresh application on February 05, 2019 will

not extend the period of limitation. Dismissed on the ground of

laches.

Sd/-

Justice Tarun Agarwala Presiding Officer

Sd/-

Dr. C.K.G. Nair Member

Sd/-

Justice M. T. Joshi Judicial Member 24.02.2020 Prepared & Compared By: PK