Shubhra Khandelwal vs Sebi
- CitationAppeal No. 44 of 2024
Ratio decidendi
The rule this decision rests on
The appellants, who received the scrip only as sellers pursuant to a scheme of amalgamation sanctioned by the High Court and have no connection with the company, its directors or promoters, cannot prima facie be subjected to disgorgement and debarment on the ground that they had some connection with the purchaser; such an imposition, lacking that connection, appears arbitrary, and the operation of the impugned order is therefore stayed pending further hearing.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date : 18.01.2024
Misc. Application No. 1579 of 2023 And Appeal No. 44 of 2024
Shubhra Khandelwal ...Appellant Versus
Securities and Exchange Board of India ...Respondent
Mr. Deepak Dhane, Advocate with Mr. Mahir Shah, Advocate i/b Triad Law Chambers for the Appellant.
Mr. Manish Chhangani with Mr. Sumit Yadav, Mr. Abhay Chauhan and Mr. Atul Kumar Agrawal, Advocates i/b The Law Point for the Respondent - SEBI.
WITH Misc. Application No. 1580 of 2023 And Misc. Application No. 1581 of 2023 And Appeal No. 45 of 2024
Ankit Khandelwal ...Appellant
Versus
Securities and Exchange Board of India ...Respondent
Mr. Deepak Dhane, Advocate with Mr. Mahir Shah, Advocate i/b Triad Law Chambers for the Appellant.
Mr. Manish Chhangani with Mr. Sumit Yadav, Mr. Abhay Chauhan and Mr. Atul Kumar Agrawal, Advocates i/b The Law Point for the Respondent - SEBI. 2
WITH Misc. Application No. 1595 of 2023 And Misc. Application No. 1596 of 2023 And Appeal No. 46 of 2024
Maya Devi Khandelwal ...Appellant Versus
Securities and Exchange Board of India ...Respondent
Mr. Deepak Dhane, Advocate with Mr. Mahir Shah, Advocate i/b Triad Law Chambers for the Appellant.
Mr. Manish Chhangani with Mr. Sumit Yadav, Mr. Abhay Chauhan and Mr. Atul Kumar Agrawal, Advocates i/b The Law Point for the Respondent - SEBI.
WITH Misc. Application No. 1597 of 2023 And Misc. Application No. 1598 of 2023 And Appeal No. 47 of 2024
Dropdi Khandelwal ...Appellant
Versus
Securities and Exchange Board of India ...Respondent
Mr. Deepak Dhane, Advocate with Mr. Mahir Shah, Advocate i/b Triad Law Chambers for the Appellant.
Mr. Manish Chhangani with Mr. Sumit Yadav, Mr. Abhay Chauhan and Mr. Atul Kumar Agrawal, Advocates i/b The Law Point for the Respondent - SEBI. 3
WITH Misc. Application No. 1599 of 2023 And Misc. Application No. 1600 of 2023 And Appeal No. 48 of 2024
Amit Khandelwal ...Appellant
Versus
Securities and Exchange Board of India ...Respondent
Mr. Deepak Dhane, Advocate with Mr. Mahir Shah, Advocate i/b Triad Law Chambers for the Appellant.
Mr. Manish Chhangani with Mr. Sumit Yadav, Mr. Abhay Chauhan and Mr. Atul Kumar Agrawal, Advocates i/b The Law Point for the Respondent - SEBI.
AND Misc. Application No. 1601 of 2023 And Misc. Application No. 1602 of 2023 And Appeal No. 49 of 2024
Nidhi Khandelwal ...Appellant
Versus
Securities and Exchange Board of India ...Respondent
Mr. Deepak Dhane, Advocate with Mr. Mahir Shah, Advocate i/b Triad Law Chambers for the Appellant.
Mr. Manish Chhangani with Mr. Sumit Yadav, Mr. Abhay Chauhan and Mr. Atul Kumar Agrawal, Advocates i/b The Law Point for the Respondent - SEBI. 4
ORDER:
1. There is a delay in the filing of the appeal. For the reasons
stated in the applications, the delay is condoned. The
applications are allowed.
2. Connect with Appeal No. 791 of 2023 and list on
January 31, 2024.
3. Let a reply be filed by the respondent within a week.
Rejoinder to be filed on or before the next date.
4. The appellants are only sellers of the scrip which they
received pursuant to a scheme of amalgamation passed by the
Bombay High Court. Prima facie, in the absence of any
connection with the Company and its directors and promoters
we find that the imposition of disgorgement and debarment on
the basis that they had some connection with the purchaser
appears to be arbitrary.
5. Considering the aforesaid, we stay the effect and operation
of the impugned order. The stay applications are disposed of
accordingly.
Ms. Meera Swarup Technical Member 18.01.2024 MADHUKAR Digitally signed by MADHUKAR SHAMRAO SHAMRAO BHALBAR
msb BHALBAR Date: 2024.01.18 15:51:18 +05'30'
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