Shri Parag Shah vs Sebi

Date of Decision: 19.12.2018

Misc. Application No.347 of 2018 In Review Application No.13 of 2018 In Appeal No.416 of 2016

Shri Tushar Shah Nakula Chanda Giri, Near Arti Hospital, Weigh Bridge Road, At Sundra, Post Barbil, ....Applicant/ Dist. Keonjhar, Odisha - 758 035. (Org. 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

With Misc. Application No.348 of 2018 In Review Application No.14 of 2018 In Appeal No.477 of 2016

Shri Parag Shah Tulsidham Society Darshnna Apt. Bh. Shishu Bipini School, ....Applicants/ Room B-2, Una Gujarat (Org. Appellants)

Versus

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

Mr. Akansha Jain, PCS for the Applicants/(Org. Appellants). 2

Mr. Pulkit Sukhramani, Advocate with Ms. Vidhi Jhawar, Advocates i/b. The Law Point for the Respondent.

CORAM: Dr. C.K.G. Nair, Member

Per : Dr. C.K.G. Nair (Oral)

1.

Not on Board. Mentioned by counsel for the Applicants/(Org.

Appellants).

2. These two Review applications have been filed seeking review of the

order of this Tribunal dated June 28, 2018. Since these Review Applications

have been filed with delay of 78 days Misc. Applications have been filed

seeking condonation of delay.

3. This Tribunal by order dated June 28, 2018 upheld the order of the

Adjudicating Officer ('AO' for short) of Securities and Exchange Board of

India ('SEBI' for short) dated November 30, 2015 whereby a penalty of Rs.72

lakh each has been imposed on the appellants for violation of certain

provisions of Securities and Exchange Board of India Act, 1992 ('SEBI Act'

for short) and Securities and Exchange Board of India (Prohibition of

Fraudulent and Unfair Trade Practices Relating to Securities Market)

Regulations, 2003 ('PFUTP Regulations, 2003' for short). The appeals had

been before this Tribunal from 2016 onwards and the order dated June 28,

2018 was passed after giving sufficient time for bringing forth all documents

and hearing the arguments in detail from the appellants.

4. Review is sought in respect of said order dated June 28, 2018 passed by

the full Bench of this Tribunal as available on that date. The said full Bench of

this Tribunal was available for another 13 days more and no review application

was filed within this time period. Subsequently, with a delay of 78 days these

two Review Applications have been filed before a single Member Bench, after

the Presiding Officer demitted office.

3

5. In these Misc. Applications delay is sought to be condoned on the

ground that the applicants/appellants were seeking alternate legal opinion from

legal experts from time to time and were gathering documents relating to how

they received the shares in question.

6. In the above circumstances, I see no merit in these Misc. Applications

seeking condonation of delay and both Misc. Applications are dismissed.

Consequently Review Applications do not survive and are also disposed of

with no order as to costs.

Sd/-

Dr. C. K. G. Nair Member

19.12.2018 Prepared and compare by RHN