Delhi High Court - Orders
Adept Life Spaces Pvt Ltd vs Securities And Exchange Board Of India & ... on 20 September, 2023
Author: Purushaindra Kumar Kaurav
Bench: Purushaindra Kumar Kaurav
$~40
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ W.P.(C) 12988/2022
ADEPT LIFE SPACES PVT LTD ..... Petitioner
Through: Ms. Devina Sehgal, Advocate
Versus
SECURITIES AND EXCHANGE BOARD OF INDIA & ORS.
..... Respondents
Through: Mr. Hitesh Sachar and Ms. Prachie Jain,
Advocates for respondent No.1
Mr. Neeraj Malhotra, Senior Advocate
alongwith Mr. Gaurav Mishra, Mr. Daman Popli,
Mr. Anubhav Yadav, Mr. Nimish Kumar and Ms.
Neetu Devrani, Advocates for respondent No.2
CORAM:
HON'BLE MR. JUSTICE PURUSHAINDRA KUMAR KAURAV
ORDER
% 20.09.2023
1. Learned counsel appearing on behalf of the petitioner after arguing for a while, submits that the instant petition can be disposed of in terms of the similar directions as has been passed in the petition being W.P.(C) 11087/2019 dated 19.04.2023. She, however, fairly submits that in the instant case during the pendency of the instant petition, the respondents in terms of communication dated 05.07.2023 have accepted the claim of release of a sum of ₹25,00,000/- withholding the remaining claim for the same reasons as has been explained in the order dated 19.04.2023.
2. Learned Senior Counsel appearing on behalf of respondent No.2 submits that in the instant case, the petitioner is entitled to raise any grievance, if at all the petitioner has, pursuant to e-mail dated 05.07.2023 This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 22/09/2023 at 22:52:35 before the Securities Appellate Tribunal (SAT) as per Section 23L of the Securities Contracts (Regulation) Act, 1956. Learned Senior Counsel also placed reliance on Securities and Exchange Board of India Circular dated 22.10.2021 to emphasise that the petitioner can also avail the remedy as has been mentioned in Circular dated 22.10.2021.
3. Having perused the material available on record and after considering the nature of directions passed in W.P.(C) 11087/2019, this court is of the considered opinion that the petitioner can agitate its grievance in terms of Section 23L of the Securities Contracts (Regulation) Act, 1956 before the concerned Tribunal. The petitioner can also examine the aspect as to whether the petitioner can also take the remedy in terms of Securities and Exchange Board of India Circular dated 22.10.2021.
4. Let the petitioner to take appropriate remedy either in terms of Section 23L of the Securities Contracts (Regulation) Act, 1956 or in terms of the Securities and Exchange Board of India Circular dated 22.10.2021.
5. The petitioner will also be at liberty to raise the grievance with respect to the interest on expected amount of Rs.25,00,000/-. If such a grievance is raised, the respondent would also be entitled to raise their objections. The same would be decided, in accordance with law.
6. With aforesaid observations, the petition stands disposed of.
PURUSHAINDRA KUMAR KAURAV, J SEPTEMBER 20, 2023 p'ma/SS This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 22/09/2023 at 22:52:35