Shubhang Exports Ltd. vs Sebi

Securities Appellate Tribunal2 February 2021Tarun Agarwala

CitationAppeal No. 110 of 2020

Ratio decidendi

The rule this decision rests on

The appeal is dismissed in limine because the issue is squarely covered by the Tribunal's earlier decisions in Global Earth Properties & Developers Pvt. Ltd. v. SEBI and R. S. Ispat v. SEBI, and the Tribunal sees no reason to depart from the opinion expressed in those decisions.

Written by Miss Lucy from the judgment below, not taken from a headnote.

Judgment

As delivered

BEFORE THE SECURITIES APPELLATE TRIBUNALMUMBAIDate of Decision : 02.02.2021Appeal No. 110 of 2020Shubhang Exports Ltd.1027, West End Mall,11th Floor, District Centre,Janak Puri, New Delhi - 110058. ..... AppellantVersusSecurities & Exchange Board of IndiaSEBI Bhavan, Plot No. C-4A, G Block,Bandra Kurla Complex, Bandra (East),Mumbai - 400 051. ...... RespondentMr. Vikas Bengani, Advocate for the Appellant.Mr. Abhiraj Arora, Advocate i/b ELP for the Respondent.CORAM : Justice Tarun Agarwala, Presiding OfficerJustice M. T. Joshi, Judicial MemberPer : Justice Tarun Agarwala, Presiding Officer (Oral)1.The appellant has challenged the order dated December 18,

2019 passed by the Adjudicating Officer (hereinafter referred to as

'AO') of Securities and Exchange Board of India (hereinafter

referred to as 'SEBI') imposing a penalty of ` 6 lacs. 2

2. Having heard the learned counsel for the appellant, we do not

find any reason to defer with our opinion given in Global Earth

Properties & Developers Pvt. Ltd. vs. SEBI [Appeal No. 212 of

2020 decided on September 14, 2020] and R. S. Ispat vs. SEBI

[Appeal No. 25 of 2019 decided on September 17, 2020] which

squarely covers the issue.

3. The appeal is accordingly dismissed in limine with no order as

to costs.

4. The present matter was heard through video conference due

to Covid-19 pandemic. At this stage it is not possible to sign a copy

of this order nor a certified copy of this order could be issued by the

Registry. In these circumstances, 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.

Parties will act on production of a digitally signed copy sent by fax

and/or email.

Justice Tarun Agarwala Presiding Officer

Justice M. T. Joshi Judicial Member 02.02.2021 RAJALA Digitally signed by

PTM KSHMI H RAJALAKSHMI H NAIR Date: 2021.02.23 17:30:35 +05'30' NAIR

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