Securities Appellate Tribunal
In The Matter Of A.L.No. 225 Of 2020 - Blue ... vs Sebi on 11 August, 2020
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date: 11.08.2020
Appeal Lodging No. 204 of 2020
Global Earth Properties And
Developers Pvt. Ltd. ...Appellant
Versus
Securities and Exchange Board of India ...Respondent
Mr. Prakash Shah, Advocate with Mr. Kushal Shah, Chartered
Accountant i/b Prakash Shah & Associates for the Appellant
Mr. Abhiraj Arora and Mr. Vivek Shah, Advocates i/b ELP for
the Respondent.
WITH
Appeal Lodging No. 205 of 2020
Salute Advisory LLP ...Appellant
Versus
Securities and Exchange Board of India ...Respondent
Ms. Rishika Harish, Advocate with Mr. Aditya Bhansali,
Ms. Khyati Bhandari, Advocates and Ms. Nirali Mehta,
Practicing Company Secretary i/b Mindspright Legal.
Mr. Abhiraj Arora and Mr. Vivek Shah, Advocates i/b ELP for
the Respondent.
2
WITH
Appeal Lodging No. 207 of 2020
Pintail Reality Developers Pvt. Ltd. ...Appellant
Versus
Securities and Exchange Board of India ...Respondent
Mr. Saurabh Bacchawat, Advocate, Mr. Aditya Bhansali,
Advocate with Ms. Nirali Mehta and Ms. Mayuri Thakkar,
Practicing Company Secretary i/b Mindspright Legal.
Mr. Abhiraj Arora and Mr. Vivek Shah, Advocates i/b ELP for
the Respondent.
WITH
Appeal Lodging No. 213 of 2020
Ashlar Commodities Pvt. Ltd. ...Appellant
Versus
Securities and Exchange Board of India ...Respondent
Ms. Rishika Harish, Advocate, Mr. Aditya Bhansali, Advocate
with Ms. Nirali Mehta and Ms. Mayuri Thakkar, Practicing
Company Secretary i/b Mindspright Legal.
Mr. Abhiraj Arora and Mr. Vivek Shah, Advocates i/b ELP for
the Respondent.
WITH
Appeal Lodging No. 214 of 2020
Ashlar Securities Pvt. Ltd. ...Appellant
Versus
Securities and Exchange Board of India ...Respondent
3
Ms. Rishika Harish, Advocate, Mr. Aditya Bhansali, Advocate
with Ms. Nirali Mehta and Ms. Mayuri Thakkar, Practicing
Company Secretary i/b Mindspright Legal.
Mr. Abhiraj Arora and Mr. Vivek Shah, Advocates i/b ELP for
the Respondent.
AND
Appeal Lodging No. 225 of 2020
Blue Bull Equities Private Limited ...Appellant
Versus
Securities and Exchange Board of India ...Respondent
Mr. Deepak Dhane, Advocate i/b Corporate Pleaders for the
Appellant.
Mr. Abhiraj Arora and Mr. Vivek Shah, Advocates i/b ELP for
the Respondent.
ORDER:
1. Connect with Appeal No. 25 of 2019 R S Ispat Limited Vs. Securities and Exchange Board of India. List on August 26, 2020.
2. These illiquid matters have come up for hearing today through video conference. We have been informed that the settlement scheme dated August 1, 2020 has been introduced by the respondent for settlement of the penalty / violation of the law. Most of the advocates appearing for the appellants have 4 contended that the settlement amount as per the scheme is far more than the penalty amount imposed under the impugned order and therefore such settlement is not viable in the first flush. Others have stated that some of the appellants would opt for settlement. Considering the aforesaid we adjourn the matters to enable the learned counsel for the appellants to seek appropriate instructions from their clients. On the next date, all the appellants will file an affidavit intimating the Tribunal as to whether they are accepting the settlement scheme or not. In the event, the settlement scheme is not accepted by the appellants the matters will be heard on merits on the next date.
3. Parties are directed to take instructions from the Registrar 48 hours before the date fixed in order to find out as to whether the matter would be taken up for hearing through video conference or through physical hearing.
4. The present matter was heard through video conference due to Covid-19 pandemic. At this stage it is not possible to sign a copy of this order nor a certified copy of this order could be issued by the Registry. In these circumstances, this order will be digitally signed by the Presiding Officer on behalf of the bench and all concerned parties are directed to act on the digitally 5 signed copy of this order. Parties will act on production of a digitally signed copy sent by fax and/or email.
TARUN Digitally signed by TARUN AGARWAL DN: c=IN, o=PUBLIC WORKS DEPARTMENT UTTAR PRADESH, postalCode=221505, st=Uttar Pradesh, 2.5.4.20=30fcf68685192bbc53e6ff1608a83fb3881de7ac2a Justice Tarun Agarwala AGARWAL b7954d509c85ed6e0f7c41, serialNumber=095f8b286bb0b1cd07ff676611f4f5e799972 7d404aa38ca422f9d3529bdb8a3, cn=TARUN AGARWAL Presiding Officer Date: 2020.08.11 14:39:35 +05'30' Dr. C.K.G. Nair Member Justice M. T. Joshi Judicial Member 11.08.2020 PK