Sangita P Shah vs Sebi
- CitationAppeal No. 117 of 2023
Ratio decidendi
The rule this decision rests on
A party who paid the penalty under protest after the impugned order, within the period contemplated by the SEBI Settlement Scheme 2022 issued under Regulation 26 of the SEBI (Settlement Proceedings) Regulations, 2018, is entitled to the benefit of that settlement scheme; where a settlement scheme is still open and the proceeding is pending before the Tribunal, the appeal may be disposed of by directing the appellant to apply for settlement before the concerned authority, which must then treat the application as one filed in a pending proceeding and consider it under the scheme notwithstanding the closure date stated in the scheme.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date of Decision : 30.01.2023
Misc. Application No. 122 of 2023 And Appeal No. 117 of 2023
Sangita P Shah 641, Ritchie Road, Ballygunge, Kolkata - 700 019. .....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
Ms. Shreya Khandelwal, Advocate i/b Juris Link for the Appellant.
Mr. Abhiraj Arora, Advocate with Mr. Shourya Tanay, Ms. Misbah Dada and Mr. Deepanshu Agarwal, Advocates i/b ELP for the Respondent.
CORAM : Justice Tarun Agarwala, Presiding Officer Ms. Meera Swarup, Technical Member
Per : Justice Tarun Agarwala, Presiding Officer (Oral)
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.
2
2. We have perused the record. We find that the impugned
order was passed on January 31, 2022 and since the penalty
amount was paid under protest on March 10, 2022 the
appellant is entitled for the benefit of the settlement scheme
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 appeal
directing the 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 appeal is disposed of. Even though, it
is stated that the Settlement Scheme was closed on January
21, 2023, nonetheless, respondent will consider the
application under the relevant scheme.
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. 3
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 30.01.2023 MADHUKAR Digitally signed by MADHUKAR SHAMRAO SHAMRAO BHALBAR msb BHALBAR Date: 2023.01.31 15:34:53 +05'30'
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