Ridhi’S Hi-Fashion Pvt. Ltd. vs Sebi
- CitationReview Application No. 50 of 2022
Ratio decidendi
The rule this decision rests on
The delay in filing a review application is condoned for the reasons stated in the application, and the review application is allowed. Where an appellant's case falls within the terms of a settlement scheme issued under the Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018, the Tribunal may dispose of a review application by directing the appellant to file an application for settlement under that scheme within a fixed period, with the authority concerned obliged to treat that application as one filed in a pending proceeding and to pass appropriate orders on it.
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. 1325 of 2022 And Review Application No. 50 of 2022 In Appeal No. 277 of 2022 Ridhi's Hi-Fashion Pvt. Ltd. Shop No. 2, Ground Floor, Casablanca Bldg., A Wing, Old Raviraj Complex, Jesal Park, Bhayander (East), Thane - 401 105. .....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. Raujesh Govindram Khandelwal, Advocate for the Appellant. 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 RAJALAK Digitally signed by SHMI RAJALAKSHMI 14.11.2022 HARISH HARISH NAIR Date: 2022.11.21 NAIR 15:47:52 +05'30' msb
Connected matters
Decided by the same order
- Rajendra Kumar Agarwal vs Sebi14 November 2022
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