Shri Bhavesh Pabari vs Sebi

Date of decision: 14/03/2016

Misc. Application No.237 of 2015 And Appeal No.345 of 2015

Shri Bhavesh Pabari 196/A, Tara House, 1st Floor, Flat No.16, Dr. Viegas Street, Cavel X Lane No.8, Chirabazar, Mumbai - 400 002. ... Appellant

Versus

Securities & Exchange Board of India SEBI Bhavan, Plot No.C-4A, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. ... Respondent

Appellant in person.

Mr. Kumar Desai a/w Mr. Tomu Francis for the Respondent.

CORAM : Justice J.P. Devadhar, Presiding Officer Jog Singh, Member

Per : Justice J.P. Devadhar (Oral)

Misc. Application No.237 of 2015 in Appeal No.345 of 2015:

By this Misc. Application, Appellant seeks condonation of 65 days

delay in filing the Appeal. For the reasons stated in the Misc. application,

delay is condoned. Misc. Application is disposed of accordingly.

Appeal No.345 of 2015:

1.

In the light of the judgment of Apex Court in the case of SEBI vs.

Roofit Industries Ltd., reported in (2016) 194 Comp. Cas.186 (S.C.), Counsel

for the Appellant on instruction seeks to withdraw the Appeal and requests -2-

for three months' time to pay the amount of penalty imposed under the order

which is impugned in this Appeal.

2. Counsel for SEBI leaves the question of granting time to pay penalty,

to the Tribunal.

3. Accordingly, in the facts of the present case, while permitting the

Appellant to withdraw the above Appeal, three months time is granted to the

Appellant to pay the penalty imposed under the order impugned in this

Appeal.

4. If the amount of penalty imposed under the impugned order is paid by

the Appellant within three months from today, then SEBI shall accept the

same in discharge of the entire claim under the impugned order. If the

Appellant fails to pay the penalty within the time stipulated herein, then SEBI

is at liberty to recover the penalty with interest as is permissible in law.

5. Appeal as well as Misc. Application are disposed of in the above terms

with no order as to costs.

Sd/-

Justice J.P. Devadhar Presiding Officer

Sd/-

Jog Singh Member 14/3/2016 Prepared & compared by-ddg