Shruti Arya vs Sebi
- CitationReview Application No. 32 of 2022
Ratio decidendi
The rule this decision rests on
The Tribunal's disposal rests on a single procedural ground: where an applicant's case falls within the terms of a settlement scheme issued under Regulation 26 of the Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018, the matter is properly resolved by directing the applicant to apply for settlement under that scheme, and the authority concerned is to accept such an application as one filed in a pending proceeding and pass appropriate orders thereon, rather than the review application being determined on its merits.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Date of Decision: 04.11.2022 Review Application No. 32 of 2022 And Misc. Application No. 1029 of 2022 And Appeal No. 73 of 2022 Shruti Arya P-143, CIT Road, Scheme VIM, Kolkata- 700 054 ...Applicant 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. Ram Awatar Dhoot, Advocate for the Applicant. Mr. Abhiraj Arora, Advocate with Mr. Shourya Tanay, Advocate i/b ELP for the Respondent. CORAM: Justice Tarun Agarwala, Presiding Officer Justice M. T. Joshi, Judicial Member Per: Justice Tarun Agarwala, Presiding Officer (Oral) 1. Review application has been filed against the order dated 17.02.2022 passed in illiquid stock option matter. There is a delay in the filing of the review application. For the reasons stated in the application the delay is condoned. 2 2. We find that the appellant's case is squarely 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 review application directing the applicant 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 review application is disposed of accordingly. 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. Certified copy of this order is also available from the Registry on payment of usual charges. Justice Tarun Agarwala Presiding Officer Justice M. T. Joshi Digitally signed RAJALAKSHMI by RAJALAKSHMI Judicial Member 04.11.2022 HARISH NAIR HARISH NAIR Date: 2022.11.16 PK 16:27:58 +05'30'
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