Sandeep Kishore And Sons Huf vs Sebi
- CitationAppeal No. 519 of 2022
Ratio decidendi
The rule this decision rests on
Where a review of a rejected claim is required by the exchange's Standard Operating Procedure to be decided only by the Member and the Core Settlement Guarantee Fund Committee, a review order passed by the Defaulters Committee Section, with nothing on the record showing that the Committee itself passed it, is not a valid exercise of that power and cannot stand; the order is set aside and the matter remitted to the Committee for a reasoned and speaking decision.
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 : 26.08.2022 Misc. Application No. 858 of 2022 And Misc. Application No. 521 of 2022 And Appeal No. 519 of 2022 Sandeep Kishore and Sons HUF D-20, Indra Enclave, Neb Sarai, Delhi - 110 068. ..... Appellant Versus National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. ... Respondent Mr. Zubin Sheth, Advocate with Ms. Priyanshi Bathia, Advocate i/b Y & A Legal for the Appellant. Mr. Pradeep Sancheti, Senior Advocate with Mr. Rashid Boatwalla and Ms. Samiksha Rajput, Advocates i/b Manilal Kher Ambalal & Co. 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. There is a delay in the filing of the appeal. For the reasons stated in the application, the delay is condoned. The application is allowed. The exemption application is also disposed of. 2. We have heard the learned counsel for the parties. As per the Standard Operating Procedure of the respondent the claim can be reviewed only by the Member and Core Settlement Guarantee Fund Committee ('Committee' for short). In the instant case, the claim was rejected and thereafter the review application was filed. The same has been dealt with by the Defaulters Committee Section as is clear from the impugned order. There is nothing to indicate that the impugned order was passed by the Committee. In the light of the aforesaid, on this short ground we set aside the impugned orders and remit the matter to the Committee to decide the matter by a reasoned and speaking order within two months from today. The appeal is allowed. 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. 3 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 RAJALA Digitally by signed 26.08.2022 KSHMI NAIR RAJALAKSHMI H Date: 2022.09.02 H NAIR 10:37:00 +05'30' msb
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