Transmedia Productions Private ... vs Sebi
- CitationAppeal No. 495 of 2023
Ratio decidendi
The rule this decision rests on
The Tribunal holds, prima facie, that an inordinate delay in initiating and in disposing of the adjudication proceedings against the appellant is a sufficient basis, at the interim stage, to stay the operation and effect of the impugned order insofar as it relates to the appellant, pending final hearing.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date : 16.06.2023
Misc. Application No. 746 of 2023 And Misc. Application No. 747 of 2023 And Appeal No. 495 of 2023 Transmedia Productions Private Limited (Formerly known as Airtel Maintenance and Marketing Consultant Pvt. Ltd.) ..... Appellant
Versus
Securities and Exchange Board of India ... Respondent
Mr. Prakash Shah, Advocate with Mr. Kushal Shah, CA i/b Prakash Shah and Associates for the Appellant.
Mr. Akash Rebello, Advocate with Mr. Mihir Mody, Mr. Arnav Misra, Mr. Arshaan Lentin, Mr. Harshvardhan Melanta, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
ORDER :
1. Connect with Appeal No. 494 of 2023.
2. Prima-facie, we find that there is an inordinate delay in the
disposal of the adjudication proceedings as well as in initiation of the
proceedings. Let a reply be filed by the respondent within three
weeks from today. Rejoinder may be filed within three weeks 2
thereafter. The matter would be listed for admission and for final
disposal on August 8, 2023.
3. Considering the aforesaid, we stay the effect and operation of
the impugned order in so far as it relates to the appellant. Urgency
application and stay application is disposed of.
4. 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 Technical Member PRAMILA Digitally signed by PRAMILA TANAJI 16.06.2023 TANAJI MISAL PTM Date: 2023.06.16 MISAL 15:15:03 +05'30'
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