S.P. Srihari vs Sebi

Date:12.8.2021

Misc. Application No.901 of 2021 And Misc. Application No.933 of 2021 And Appeal No.537 of 2021

Srikanth Sripriya ...Appellant

Versus

Securities and Exchange Board of India ...Respondent

Mr. Janak Dwarkadas, Senior Advocate with Mr. Somasekhar Sundaresan, Mr. Ravichandra Hegde, Mr. Robin Shah and Ms. Ankita Roy, Advocates i/b. Parinam Law Associates for Appellant.

Mr. Abhiraj Arora, Advocate with Ms. Rashi Dalmia and Mr. Karthik Narayan, Advocate i/b. ELP for the Respondent.

With Misc. Application No.902 of 2021 And Misc. Application No.934 of 2021 And Appeal No.538 of 2021

Parathasarathy Srikanth ...Appellant 2

Versus

Securities and Exchange Board of India ...Respondent

Mr. Mustafa Doctor, Senior Advocate with Mr. Ravichandra Hegde, Mr. Robin Shah and Ms. Ankita Roy, Advocates i/b. Parinam Law Associates for the Appellant.

Mr. Abhiraj Arora, Advocate with Ms. Rashi Dalmia and Mr. Karthik Narayan, Advocate i/b. ELP for the Respondent.

With Misc. Application No.903 of 2021 And Misc. Application No.935 of 2021 And Appeal No.539 of 2021

S.P. Srihari ...Appellant

Versus

Securities and Exchange Board of India ...Respondent

Mr. Abhishek Venkatraman, Advocate i/b. Parinam Law Associates for the Appellant.

Mr. Abhiraj Arora, Advocate with Ms. Rashi Dalmia and Mr. Karthik Narayan, Advocate i/b. ELP for the Respondent.

Order: 3

1.

Since we have taken up the appeal the urgency

application is disposed of.

2. Three appeals have been filed against a common

order and are being taken up together.

3. After hearing the learned counsel for the parties we

direct the respondent to file a reply within three weeks.

Three weeks' thereafter to the appellant to file

rejoinder. The matter would be listed for admission

and for final disposed on 29th October, 2021.

4. We find that the transactions had been made in

2012 based on which a restraint order was passed by

the respondent on 13th July, 2014. Further, the target

Company has also been wound up by an order of the

High Court. Consequently, by the impugned order the

direction to the appellants to make an open offer

appears to be harsh and excessive. We, consequently,

stay the effect and operation of the impugned order till

the next date of listing.

4

5. Parties are directed to contact the Registrar 48 hours

before the date fixed to find out as to whether the

hearing would take place through video conferencing

or through physical hearing.

6. The present matter was heard through video

conference due to Covid-19 pandemic. At this stage it

is not possible to sign a copy of this order nor a

certified copy of this order could be issued by the

registry. In these circumstances, 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. Parties will

act on production of a digitally signed copy sent by fax

and/or email.

Justice Tarun Agarwala Presiding Officer

Justice M.T. Joshi Judicial Member RAJALA Digitally signed 12.8.2021 by

KSHMI RAJALAKSHMI NAIR H

RHN Date: 2021.08.13 H NAIR 10:36:05 +05'30'