Shiv Dayal Gupta Huf vs Sebi
- CitationAppeal No. 45 of 2023
Ratio decidendi
The rule this decision rests on
The reasoning in this order is brief and prima facie in character, but it does state a basis for its interim stay. The Tribunal takes the view that where an earlier show cause notice for the same cause of action and the same period was disposed of by a final adjudication order consigning the matter to records, a fresh show cause notice for that same cause of action and period is, prima facie, impermissible; and that such matter can be re-agitated only in the manner provided by Section 15-I, which on the face of the record is not the position here, so that the re-agitation cannot proceed. The impugned order is stayed pending the next hearing on that basis.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Date: 12.01.2023
Appeal No. 45 of 2023
Shiv Dayal Gupta HUF ...Appellant
Versus
Securities and Exchange Board of India ...Respondent
Mr. Vikas Bengani, Advocate for the Appellant.
Mr. Abhiraj Arora, Advocate with Mr. Shourya Tanay and Mr. Deepanshu Agarwal, Advocates i/b ELP for the Respondent.
ORDER:
1. Let a reply be filed by the respondent within three weeks
from today. Rejoinder may be filed within three weeks
thereafter. The matter would be listed for admission and for
final disposal on March 13, 2023.
2. We find that a show cause notice was issued pursuant to
which a final order dated October 20, 2021 was passed by the
Adjudicating Officer consigning the matter to the records. Now
for the same cause of action and for the same period a same 2
show cause notice has been issued which has been impugned in
the present appeal.
3. Prima facie the matter can be re-agitated under Section
15-I which apparently is not the case in the instant matter and
therefore cannot be agitated.
4. In the light of the aforesaid, the impugned order shall
remain stayed till the next date of hearing.
5. 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
Ms. Meera Swarup Technical Member 12.01.2023 PRERNA Digitally by PRERNA signed
PK MANISH MANISH KHARE Date: 2023.01.13 KHARE 14:57:41 +05'30'
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