Sunday, September 25, 2022

371-days delay in filing appeal: Securities Appellate Tribunal allows appeal despite SEBI opposition

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The Securities Appellate Tribunal has allowed an appeal despite opposition from the Securities Exchange Board of India.

The Bench of Justice Tarun Agarwala and Justice M. T. Joshi disposed of an appeal filed by Prospect Capital Ltd. & Another seeking exemption from filing the certified copy of the impugned order.

“There is a delay of 371 days in the filing of the appeal. The impugned order is dated July 14, 2020. The same was passed during the pandemic period. Even though the application is opposed by the respondent (Securities and Exchange Board of India & Others) saying that no explanation has been given, we are of the opinion that in view of the decision of the Hon’ble Supreme Court’s in a Suo Motu Writ Petition dated April 27, 2021, the delay in the filing of the appeal is condoned. The application is allowed,” the bench noted during the hearing.

Where accordingly the bench disposed of the exemption application as well while directing the appellants i.e., Prospect Capital Ltd. & Another  to apply for the certified copy of the impugned order and If the same is done, the certified copy of the impugned order be made available to the appellants within five working days from today.

The bench disposed of the exemption application as well. After listening to the arguments of both the parties the matter was clubbed with another appeal listed the matter on October 21, 2021, and asked to file a reply in the meantime.

The present matter was heard through video conference due to Covid-19 pandemic and for the next hearing the parties were asked to take instructions from the Registrar 48 hrs. before the date fixed in order to find out as to whether the appeal would be heard through video conference or through physical hearing.

Ms. Ranjana Roy Gawai, Advocate with Ms. Prachi Golechha, Advocate for the Appellants being the Prospect Capital Ltd. & Another
Mr. Mihir Mody, Advocate with Mr. Arnav Misra, Mr. Mayur Jaisingh, Advocates K. Ashar & Co. for the Respondent Nos. 1. whereas no one appeared for the rest of the respondents.

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