Shruti Jain vs Sebi
- CitationReview Application No. 4 of 2023
Ratio decidendi
The rule this decision rests on
The delay in filing a review application is condoned on the reasons stated in the application, and the application is accordingly allowed. Where the appellant's case falls squarely within the terms of a settlement scheme framed under the regulations governing settlement proceedings, the tribunal will dispose of the review application by directing the appellant to apply for settlement before the competent authority within a fixed period, and the authority, on receiving that application, is to accept it as one filed in a pending proceeding and pass appropriate orders under that scheme.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date of Decision : 30.01.2023
Misc. Application No. 58 of 2023 In Review Application No. 4 of 2023 In Appeal No. 300 of 2022
Shruti Jain C/o Anuj Jain, C K 14/11, Nandan Sahu Lane, Krishna Complex, Thatheri Bazar, Varanasi (UP) 221 001. .....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
Mr. Kamal Agrawal, Authorized Representative 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 Ms. Meera Swarup, Technical Member
Per : Justice Tarun Agarwala, Presiding Officer (Oral) 2
1.
There is a delay in the filing of the review application.
For the reasons stated in the application, the delay is
condoned. The Application is allowed.
2. Review application has been filed against the order
passed in illiquid stock option matter.
3. 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.
4. In view of the aforesaid, we dispose of the review
application directing the applicant / appellant 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.
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. 3
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 Judicial Member
Ms. Meera Swarup Technical Member
30.01.2023 MADHUKAR Digitally signed by MADHUKAR SHAMRAO SHAMRAO BHALBAR msb BHALBAR Date: 2023.01.31 15:35:32 +05'30'
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