Sumer Chand Jain & Sons vs Sebi
- CitationAppeal No. 47 of 2023
Ratio decidendi
The rule this decision rests on
The appeal is disposed of on the footing that the appellant's case falls within the SEBI Settlement Scheme 2022, issued under Regulation 26 of the SEBI (Settlement Proceedings) Regulations, 2018; where a pending appeal is covered by that Scheme, the appropriate course is to dispose of the appeal and direct the appellant to file a settlement application before the concerned authority within a fixed period, which the authority is then to treat as an application filed in a pending proceeding.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date of Decision: 12.01.2023
Misc. Application No. 1799 of 2022 And Appeal No. 47 of 2023
Sumer Chand Jain & Sons 11, Ugam Path, Bani Park, Jaipur, Rajasthan ...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
Ms. Rinku Valanju, Advocate with Mr. Aditya Shah, Advocate i/b R V Legal for the Appellant.
Mr. Abhiraj Arora, Advocate with Mr. Shourya Tanay and Mr. Deepanshu Agarwal, Advocates i/b ELP for the Respondent.
CORAM: Justice Tarun Agarwala, Presiding Officer Ms. Meera Swarup, Technical Member
Per: Justice Tarun Agarwala, Presiding Officer (Oral)
1.
There is a delay in the filing of the appeal. For the reasons
stated in the application, the delay is condoned. Misc.
Application is allowed.
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 Regulation 26 of Securities and Exchange Board of
India (Settlement Proceedings) Regulations, 2018.
3. In view of the aforesaid, we dispose of the appeal
directing the 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 the SEBI Settlement Scheme
2022 as an application filed in a pending proceeding and pass
appropriate orders.
4. The appeal 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. Certified copy of
this order is also available from the Registry on payment of
usual charges.
Justice Tarun Agarwala Presiding Officer
Ms. Meera Swarup PRERNA Digitally signed Technical Member 12.01.2023 by PRERNA MANISH MANISH KHARE PK Date: 2023.01.13 KHARE 14:58:26 +05'30'
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