Sureshine Vintrade Pvt. Ltd vs Sebi

Sureshine Vintrade Pvt. Ltd. Choudhury Market, Badamtala Kalna Road, Eastern Blov, Ground Floor, Room - 2, Burdwan - 713 101. ..... Appellant

Versus

Securities & 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 i/b R V Legal for the Appellant.

Mr. Manish Chhangani, Advocate with Mr. Sumit Yadav, Mr. Abhay Chauhan, Mr. Atul Kumar Agrawal, Advocates i/b The Law Point for the Respondent.

CORAM : Justice P. S. Dinesh Kumar, Presiding Officer Ms. Meera Swarup, Technical Member Dr. Dheeraj Bhatnagar, Technical Member

Per : Justice P. S. Dinesh Kumar, Presiding Officer (Oral) 2

There is a delay of 1633 days in the filing of the appeal.

2. Exemption application is allowed.

3. Learned counsel for the appellant submits that SEBI has come

out with the Settlement Scheme, 2024 and the appellant desires to

avail the scheme.

4. With regard to delay, learned counsel for the appellant

submitted that the appellant Jayanta Bose was suffering from

personal family problems and therefore, unable to attend to the

affairs of the company since 2016. Mr. Khandelwal, CA to whom

the appellant had entrusted the matter at the stage of show cause

notice did not attend diligently. Jayanta Bose who is one of the

directors of the company received a call from the Kolkata office of

the SEBI. On enquiry, he learnt about the impugned order. With

these submissions, learned counsel sought for condonation of delay

of 1633 days. This application is opposed by the SEBI.

5. We have carefully considered the rival contention and perused

the record. It is stated in paragraph nos. 3 and 4 of the application

for condonation of delay that the delay has occurred due to two 3

reasons. Firstly, due to family problems of Jayanta Bose and

secondly the CA has not diligently attended to the case.

6. We may record that the SEBI has come out with the Settlement

Scheme, 2024 which closes on May 10, 2024. The main objection

urged by Mr. Manish Chhangani, the learned counsel for the SEBI is

that the SEBI had come out with the Settlement Schemes earlier but

the appellant has not chosen to apply for the same. In any event, the

Settlement Scheme has been launched by SEBI and the last date to

apply under the scheme is May 10, 2024. In the facts and

circumstances of the case, we are of the opinion that the application

for condonation of delay can be disposed of by imposing reasonable

costs. Learned counsel for the appellant, on instructions, submitted

that appellant is prepared to deposit a costs of Rs. 50,000/-. We find

it just and reasonable. In the circumstances, application for

condonation of delay is allowed on cost of Rs. 50,000/- payable to

SEBI.

7. In similar cases, SEBI has undertaken to consider the cases

under the settlement scheme. Hence no purpose would be served by

keeping this appeal pending and it is accordingly, dismissed. 4

8. Shri Manish Chhangni, Counsel for SEBI submits that

notwithstanding dismissal of this appeal, SEBI shall consider

appellant's case under Settlement Scheme if it is filed in time. His

submission is placed on record.

Justice P. S. Dinesh Kumar Presiding Officer

Ms. Meera Swarup Technical Member

Dr. Dheeraj Bhatnagar Technical Member Digitally signed by

06.05.2024 PRAMILA PRAMILA TANAJI MISAL TANAJI MISAL Date: 2024.05.07 16:34:13 +05'30'

PTM