Triveni Enterprises Limited vs Sebi
- CitationAppeal No. 959 of 2022
Ratio decidendi
The rule this decision rests on
The appellate tribunal condoned the delay in filing the appeal, finding the reasons stated in the application sufficient to excuse it. A stay of the operation and effect of the impugned order against the appellant may be granted pending appeal where the amount raised through the impugned preferential allotment has already been returned to the company, and where the recovery sought under Section 23E of the Securities Contracts (Regulation) Act is inconsistent with the tribunal's earlier decision in Suzlon Energy Limited v. SEBI.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date : 05.01.2023
Misc. Application No. 1468 of 2022 And Misc. Application No. 1670 of 2022 And Appeal No. 959 of 2022
Triveni Enterprises Limited ...Appellant
Versus
Securities and Exchange Board of India ...Respondent
Mr. Kunal Katariya, Advocate with Mr. Sahebrao Wamanrao Buktare, Ms. Ashmita Goradia, Advocates and Mr. Ravi Vijay Ramaiya - CA i/b Shah & Ramaiya, Chartered Accountants for the Appellant.
Mr. Ravishekhar Pandey, Advocate with Mr. Nishit Dhruva and Ms. Shefali Shankar i/b. MDP & Partners for the Respondent.
ORDER:
1. There is a delay in the filing of the appeal. For the reasons
stated in the application, the delay is condoned. The application
is allowed.
2. We have heard the learned counsel for the parties. In view
of the fact that the amount raised through preferential allotment
has been brought back to the Company coupled with the fact 2
that the recovery under Section 23E of SCRA is against the
teeth of our order passed in Suzlon Energy Limited & Anr. vs
SEBI, Appeal no. 201 of 2018 decided on May 3, 2021, we
direct that the effect and operation of the impugned order
against the appellant shall remain stayed during the pendency of
the appeal.
3. Let a reply be filed by the respondent within 3 weeks from
today. Rejoinder may be filed within 3 weeks thereafter. The
matter would be listed for admission and for final disposal on
March 1, 2023.
4. We have 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
05.01.2023 MADHUKAR Digitally MADHUKAR signed by
msb SHAMRAO SHAMRAO BHALBAR Date: 2023.01.06 BHALBAR 17:33:49 +05'30'
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