Shri Bhupesh Rathod vs Sebi
- CitationAppeal No.88 of 2015
Ratio decidendi
The rule this decision rests on
The Tribunal permits withdrawal of the appeals in light of the Supreme Court's decision in SEBI v. Roofit Industries Ltd., and, on the appellants' request, grants three months from the date of the order for payment of the penalty imposed under the impugned orders; payment within that period discharges the entire claim under those orders, and failing payment SEBI may recover the penalty with interest as permissible in law.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date of decision: 18/03/2016
Appeal No.88 of 2015
Shri Bhupesh Rathod Labh Niwas, A Wing, 1st Floor, Flat No.1, 4th Khetwadi lane, Mumbai - 400 004. ... Appellant
Versus
Securities & Exchange Board of India SEBI Bhavan, Plot No.C-4A, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. ... Respondent
WITH Appeal No.125 of 2015
Shri Hemant Madhusudan Sheth Flat No.29, 2nd Floor, 115/117, Bhuleshwar Road, Near Kabutar Khana, 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
WITH Misc. Application No.80 of 2015 And Appeal No.127 of 2015
Samir Sheth 7, Siddharth Society, Karelibaug, Vadodara, Baroda, Gujarat - 390 008. ... Appellant -2-
Versus
Securities & Exchange Board of India SEBI Bhavan, Plot No.C-4A, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. ... Respondent
WITH Misc. Application No.81 of 2015 And Appeal No.128 of 2015
Shri Chirag Rajnikant Jariwala 302, Kalbadevi Road, 1st Floor, Room No.2, Above Mahavir Annex, 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
WITH Misc. Application No.82 of 2015 And Appeal No.129 of 2015
Shri Bipin Jayant Thaker 381/E, Nanotane Wadi, Kalbadevi Road, 1st Floor, Room No.16, 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 -3-
WITH Misc. Application No.83 of 2015 And Appeal No.130 of 2015
Shri Ankit Sanchaniya Flat No.09, B Wing, Zainab Baug, Bharucha Road, Dahisar (E), Mumbai - 400 068. ... Appellant
Versus
Securities & Exchange Board of India SEBI Bhavan, Plot No.C-4A, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. ... Respondent
WITH Misc. Application No.131 of 2015 And Appeal No.162 of 2015
Shri Prem Mohanlal Parikh 140/K, Cavel Cross Lane No.07, 1st Floor, Room No.01, Kalbadevi, 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
WITH Misc. Application No.133 of 2015 And Appeal No.165 of 2015 Manisha N. Gandhi B-37, Parivar Society, Vibhag-2, Near Mahesh Complex, Waghodia Road, Vadodara, Gujarat - 390 019. ... Appellant -4-
Versus
Securities & Exchange Board of India SEBI Bhavan, Plot No.C-4A, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. ... Respondent
WITH Misc. Application No.134 of 2015 And Appeal No.166 of 2015
Ashok Parmar Chhela Fallya, Near Sardar Nagar Society, Nizampur, Vadodara - 390 002. ... Appellant
Versus
Securities & Exchange Board of India SEBI Bhavan, Plot No.C-4A, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. ... Respondent
WITH Misc. Application No.135 of 2015 And Appeal No.167 of 2015
Shalin Kirti Kumar Parikh A/1, 320, Pramukhprit Park B/H, Zavernagar Purushotam Nag HarniWasrsia, Ring Road, Vadodara, Gujarat - 390 022. ... Appellant
Versus
Securities & Exchange Board of India SEBI Bhavan, Plot No.C-4A, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. ... Respondent -5-
WITH Misc. Application No.136 of 2015 And Appeal No.168 of 2015
Jignesh Parikh C/5, Adhar Society, Waghodia Road, Near Nalanda Water Tank, Vadodara, Gujarat - 390 019.
... Appellant
Versus
Securities & Exchange Board of India SEBI Bhavan, Plot No.C-4A, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. ... Respondent
WITH Misc. Application No.137 of 2015 And Appeal No.169 of 2015
Hardik Pandya 9, Darshan Apartment, Gaekwad Hostel, Kansara Pole, Cokhandoio, Vadodara - 390 017. ... Appellant
Versus
Securities & Exchange Board of India SEBI Bhavan, Plot No.C-4A, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. ... Respondent
WITH Misc. Application No.138 of 2015 And Appeal No.170 of 2015 Yaminiben Pandya 9, Darshan Apartment, Gaekwad Hostel, Kansara Pole, Cokhandoio, Vadodara - 390 017. ... Appellant -6-
Versus
Securities & Exchange Board of India SEBI Bhavan, Plot No.C-4A, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. ... Respondent
WITH Misc. Application No.139 of 2015 And Appeal No.171 of 2015
Mr. Nareshbhai Patel A-1, Ganesh Colony, Patel Faliya, Nizampura, Vadodara, Gujarat - 390 002. ... Appellant
Versus
Securities & Exchange Board of India SEBI Bhavan, Plot No.C-4A, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. ... Respondent
WITH Misc. Application No.140 of 2015 And Appeal No.172 of 2015
Navneetlal J. Gandhi B-37, Parivar Society, Part II, Near Mahesh Complex, Nalanada Road, Waghodia Road, Baroda, Gujarat - 390 019. ... Appellant
Versus
Securities & Exchange Board of India SEBI Bhavan, Plot No.C-4A, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. ... Respondent -7-
Mr. Rajesh Khandelwal a/w Ms. Isha Khandhadia, Advocates for Appellants.
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.80 of 2015 in Appeal No.127 of 2015:
By this Misc. Application, Appellant seeks condonation of 08 days
delay in filing the Appeal. For the reasons stated in the Misc. application,
delay is condoned. Misc. Application is disposed of accordingly.
Misc. Application No.81 of 2015 in Appeal No.128 of 2015:
By this Misc. Application, Appellant seeks condonation of 06 days
delay in filing the Appeal. For the reasons stated in the Misc. application,
delay is condoned. Misc. Application is disposed of accordingly.
Misc. Application No.82 of 2015 in Appeal No.129 of 2015:
By this Misc. Application, Appellant seeks condonation of 06 days
delay in filing the Appeal. For the reasons stated in the Misc. application,
delay is condoned. Misc. Application is disposed of accordingly.
Misc. Application No.83 of 2015 in Appeal No.130 of 2015:
By this Misc. Application, Appellant seeks condonation of 06 days
delay in filing the Appeal. For the reasons stated in the Misc. application,
delay is condoned. Misc. Application is disposed of accordingly.
Misc. Application No.131 of 2015 in Appeal No.162 of 2015:
By this Misc. Application, Appellant seeks condonation of 07 days
delay in filing the Appeal. For the reasons stated in the Misc. application,
delay is condoned. Misc. Application is disposed of accordingly. -8-
Misc. Application No.133 of 2015 in Appeal No.165 of 2015:
By this Misc. Application, Appellant seeks condonation of 01 day
delay in filing the Appeal. For the reasons stated in the Misc. application,
delay is condoned. Misc. Application is disposed of accordingly.
Misc. Application No.134 of 2015 in Appeal No.166 of 2015:
By this Misc. Application, Appellant seeks condonation of 22 days
delay in filing the Appeal. For the reasons stated in the Misc. application,
delay is condoned. Misc. Application is disposed of accordingly.
Misc. Application No.135 of 2015 in Appeal No.167 of 2015:
By this Misc. Application, Appellant seeks condonation of 22 days
delay in filing the Appeal. For the reasons stated in the Misc. application,
delay is condoned. Misc. Application is disposed of accordingly.
Misc. Application No.136 of 2015 in Appeal No.168 of 2015:
By this Misc. Application, Appellant seeks condonation of 22 days
delay in filing the Appeal. For the reasons stated in the Misc. application,
delay is condoned. Misc. Application is disposed of accordingly.
Misc. Application No.137 of 2015 in Appeal No.169 of 2015:
By this Misc. Application, Appellant seeks condonation of 22 days
delay in filing the Appeal. For the reasons stated in the Misc. application,
delay is condoned. Misc. Application is disposed of accordingly.
Misc. Application No.138 of 2015 in Appeal No.170 of 2015:
By this Misc. Application, Appellant seeks condonation of 22 days
delay in filing the Appeal. For the reasons stated in the Misc. application,
delay is condoned. Misc. Application is disposed of accordingly. -9-
Misc. Application No.139 of 2015 in Appeal No.171 of 2015:
By this Misc. Application, Appellant seeks condonation of 01 day
delay in filing the Appeal. For the reasons stated in the Misc. application,
delay is condoned. Misc. Application is disposed of accordingly.
Misc. Application No.140 of 2015 in Appeal No.172 of 2015:
By this Misc. Application, Appellant seeks condonation of 01 day
delay in filing the Appeal. For the reasons stated in the Misc. application,
delay is condoned. Misc. Application is disposed of accordingly.
Appeal Nos.88, 125, 127, 128, 129, 130, 162, 165, 166, 167, 168, 169, 170, 171 & 172 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 Appellants on instruction seeks to withdraw these Appeals and requests
for three months' time for the Appellants to pay the amount of penalty
imposed under the orders which are impugned in these Appeals.
2. Counsel for SEBI leaves the question of granting time to pay penalty,
to the Tribunal.
3. Accordingly, in the facts of these cases, while permitting the
Appellants to withdraw the above Appeals, three months time is granted to
the Appellants to pay the penalty imposed in the respective orders impugned
in these Appeals.
4. If the amount of penalty imposed under the impugned orders are paid
by the Appellants within three months from today, then SEBI shall accept the
same in discharge of the entire claim under the impugned orders. If the -10-
Appellants fail 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. All these Appeals and Misc. Applications are disposed of in the above
terms with no order as to costs.
Sd/-
Justice J.P. Devadhar Presiding Officer
Sd/-
Jog Singh Member 18/3/2016 Prepared & compared by-ddg
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