Securities Appellate Tribunal
Samir Jain & Another vs Sebi & Others on 20 March, 2025
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date: 20.03.2025
Appeal No. 371 of 2023
Samir Jain & Anr. ..... Appellants
Versus
Securities and Exchange Board of India & Ors. ... Respondents
Ms. Viloma Shah, Advocate with Mr. Ativ Patel, Mr. Harshad Vyas, Advocates i/b AVP
Partners for the Appellants.
Mr. Akash Rebello, Advocate with Mr. Mihir Mody, Mr. Yash Sutaria, Mr. Tushar Bansode,
Advocates i/b. K Ashar & Co. for the Respondent Nos. 1 (SEBI).
None for the Respondent Nos. 2 (PNB Finance).
None for the Respondent Nos. 3 (Trishla Jain).
None for the Respondent Nos. 4 (Ashoka Viniyoga).
None for the Respondent Nos. 5 (Artee Viniyoga).
None for the Respondent Nos. 6 (Camac Commercial).
None for the Respondent Nos. 7 (Combine Holding).
Ms. Arti Raghavan, Advocate with Mr. Pulkit Sukhramani, Ms. Samreen Fatima, Mr. Juan
D'souza, Advocates i/b JSA, Advocates & Solicitors for the Intervenor (Ashok Dayabhai
Shah).
With
Appeal No. 372 of 2023
Samir Jain & Anr. ..... Appellants
Versus
Securities and Exchange Board of India & Ors. ... Respondents
Ms. Viloma Shah, Advocate with Mr. Ativ Patel, Mr. Harshad Vyas, Advocates i/b AVP
Partners for the Appellants.
Mr. Akash Rebello, Advocate with Mr. Mihir Mody, Mr. Yash Sutaria, Mr. Tushar Bansode,
Advocates i/b. K Ashar & Co. for the Respondent Nos. 1 (SEBI).
None for the Respondent Nos. 2 (Camac Commercial).
2
None for the Respondent Nos. 3 (Ashoka Viniyoga).
None for the Respondent Nos. 4 (Artee Viniyoga).
None for the Respondent Nos. 5 (PNB Finance).
None for the Respondent Nos. 6 (Combine Holding).
None for the Respondent Nos. 7 (Punjab Mercantile).
Mr. Kunal Katariya, Advocate with Mr. Pulkit Sukhramani,
Ms. Samreen Fatima, Mr. Juan D'souza, Advocates i/b JSA, Advocates & Solicitors for the
Intervenor (Ashok Dayabhai Shah).
With
Appeal No. 373 of 2023
Trishla Jain ..... Appellant
Versus
Securities and Exchange Board of India ... Respondent
Ms. Viloma Shah, Advocate with Mr. Ativ Patel, Mr. Harshad Vyas, Advocates i/b AVP
Partners for the Appellants.
Mr. Akash Rebello, Advocate with Mr. Mihir Mody, Mr. Yash Sutaria, Mr. Tushar Bansode,
Advocates i/b. K Ashar & Co. for the Respondent Nos. 1 (SEBI).
None for the Respondent Nos. 2 (PNB Finance).
None for the Respondent Nos. 3 (Samir Jain).
None for the Respondent Nos. 4 (Meera Jain).
None for the Respondent Nos. 5 (Ashoka Viniyoga).
None for the Respondent Nos. 6 (Artee Viniyoga Combine Holding).
None for the Respondent Nos. 7 (Camac Commercial).
None for the Respondent Nos. 8 (Combine Holding).
Ms. Arti Raghavan, Advocate with Mr. Pulkit Sukhramani, Ms. Samreen Fatima, Mr. Juan
D'souza, Advocates i/b JSA, Advocates & Solicitors for the Intervenor (Ashok Dayabhai
Shah).
With
Appeal No. 374 of 2023
PNB Finance & Industries Ltd. & Anr. ..... Appellants
3
Versus
Securities and Exchange Board of India & Ors. ... Respondent
Mr. Rohaan Cama, Advocate with Mr. Indranil Deshmukh, Ms. Gazal Rawal, Mr.
Darshan Furia, Ms. Priyanka Desai, Ms. Kritika Tailor, Advocates i/b Cyril Amarchand
Mangaldas for the Appellants.
Mr. J. J. Bhatt, Senior Advocate with Mr. Mihir Mody, Mr. Harshvardhan Melanta, Mr.
Yash Sutaria, Mr. Tushar Bansode, Advocates i/b. K Ashar & Co. for the Respondent Nos. 1
(SEBI).
None for the Respondent Nos. 2 (Camac Commercial).
None for the Respondent Nos. 3 (Samir Jain).
None for the Respondent Nos. 4 (Meera Jain).
None for the Respondent Nos. 5 (Ashoka Viniyoga).
None for the Respondent Nos. 6 (Artee Viniyoga).
None for the Respondent Nos. 7 (Combine Holding).
Mr. Kunal Katariya, Advocate with Mr. Pulkit Sukhramani,
Ms. Samreen Fatima, Mr. Juan D'souza, Advocates i/b JSA, Advocates & Solicitors for the
Intervenor (Ashok Dayabhai Shah).
With
Appeal No. 375 of 2023
PNB Finance & Industries Ltd. ..... Appellant
Versus
Securities and Exchange Board of India & Ors. ... Respondents
Mr. Darius Khambata, Senior Advocate with Mr. Indranil Deshmukh, Ms. Gazal Rawal,
Mr. Rohaan Cama, Mr. Darshan Furia, Ms. Priyanka Desai, Ms. Kritika Tailor
Advocates i/b Cyril Amarchand Mangaldas for the Appellants.
Mr. Akash Rebello, Advocate with Mr. Mihir Mody, Mr. Yash Sutaria, Mr. Tushar Bansode,
Advocates i/b. K Ashar & Co. for the Respondent Nos. 1 (SEBI).
None for the Respondent Nos. 2 (Samir Jain).
None for the Respondent Nos. 3 (Meera Jain).
None for the Respondent Nos. 4 (Trishla Jain).
4
None for the Respondent Nos. 5 (Ashoka Viniyoga).
None for the Respondent Nos. 6 (Artee Viniyoga).
None for the Respondent Nos. 7 (Camac Commercial)
None for the Respondent Nos. 8 (Combine Holding).
Mr. Ashwin Ranjane, Advocate with Ms. Mrinal Ranjan Pramanik, Advocate for the
Respondent Nos. 9 (Calcutta Stock Exchange).
Ms. Arti Raghavan, Advocate with Mr. Pulkit Sukhramani, Ms. Samreen Fatima, Mr. Juan
D'souza, Advocates i/b JSA, Advocates & Solicitors for the Intervenor (Ashok Dayabhai
Shah).
With
Appeal No. 376 of 2023
Camac Commercial Company Ltd. ..... Appellant
Versus
Securities and Exchange Board of India & Ors. ... Respondents
Mr. Zal Andhyarujina, Senior Advocate with Ms. Shruti Rajan, Mr. Anubhav Ghosh, Mr.
Vivek Shah, Mr. Jahaan Dastur, Ms. Rebecca Cardoso, Advocates i/b Trilegal for the
Appellant.
Mr. J. J. Bhatt, Senior Advocate with Mr. Mihir Mody, Mr. Harshvardhan Melanta, Mr.
Yash Sutaria, Mr. Tushar Bansode, Advocates i/b. K Ashar & Co. for the Respondent Nos. 1
(SEBI).
None for the Respondent Nos. 2 (Samir Jain).
None for the Respondent Nos. 3 (Meera Jain).
None for the Respondent Nos. 4 (Ashoka Viniyoga).
None for the Respondent Nos. 5 (Artee Viniyoga).
None for the Respondent Nos. 6 (PNB Finance).
None for the Respondent Nos. 7 (Combine Holding)
None for the Respondent Nos. 8 (Punjab Mercantile).
Mr. Ashwin Ranjane, Advocate with Ms. Mrinal Ranjan Pramanik, Advocate for the
Respondent Nos. 9 (Calcutta Stock Exchange).
Mr. Kunal Katariya, Advocate with Mr. Pulkit Sukhramani,
Ms. Samreen Fatima, Mr. Juan D'souza, Advocates i/b JSA, Advocates & Solicitors for the
Intervenor (Ashok Dayabhai Shah).
5
With
Appeal No. 377 of 2023
Ashoka Viniyoga Ltd. ..... Appellant
Versus
Securities and Exchange Board of India & Ors. ... Respondents
Ms. Shruti Rajan, Advocate with Mr. Anubhav Ghosh, Mr. Vivek Shah, Ms. Rebecca
Cardoso, Advocates i/b Trilegal for the Appellant.
Mr. Akash Rebello, Advocate with Mr. Mihir Mody, Mr. Yash Sutaria, Mr. Tushar Bansode,
Advocates i/b. K Ashar & Co. for the Respondent Nos. 1 (SEBI).
None for the Respondent Nos. 2 (Camac Commercial).
None for the Respondent Nos. 3 (Samir Jain).
None for the Respondent Nos. 4 (Meera Jain).
None for the Respondent Nos. 5 (Artee Viniyoga).
None for the Respondent Nos. 6 (PNB Finance).
None for the Respondent Nos. 7 (Combine Holding)
None for the Respondent Nos. 8 (Punjab Mercantile).
Mr. Kunal Katariya, Advocate with Mr. Pulkit Sukhramani,
Ms. Samreen Fatima, Mr. Juan D'souza, Advocates i/b JSA, Advocates & Solicitors for the
Intervenor (Ashok Dayabhai Shah).
With
Appeal No. 378 of 2023
Artee Viniyoga Ltd. ..... Appellant
Versus
Securities and Exchange Board of India & Ors. ... Respondents
Ms. Shruti Rajan, Advocate with Mr. Anubhav Ghosh, Mr. Vivek Shah, Ms. Rebecca
Cardoso, Advocates i/b Trilegal for the Appellant.
Mr. Akash Rebello, Advocate with Mr. Mihir Mody, Mr. Yash Sutaria, Mr. Tushar Bansode,
Advocates i/b. K Ashar & Co. for the Respondent Nos. 1 (SEBI).
None for the Respondent Nos. 2 (Camac Commercial).
None for the Respondent Nos. 3 (Samir Jain).
6
None for the Respondent Nos. 4 (Meera Jain).
None for the Respondent Nos. 5 (Ashoka Viniyoga).
None for the Respondent Nos. 6 (PNB Finance).
None for the Respondent Nos. 7 (Combine Holding)
None for the Respondent Nos. 8 (Punjab Mercantile).
Ms. Arti Raghavan, Advocate with Mr. Pulkit Sukhramani, Ms. Samreen Fatima, Mr. Juan
D'souza, Advocates i/b JSA, Advocates & Solicitors for the Intervenor (Ashok Dayabhai
Shah).
With
Appeal No. 379 of 2023
Combine Holding Ltd. ..... Appellant
Versus
Securities and Exchange Board of India & Ors. ... Respondents
Ms. Shruti Rajan, Advocate with Mr. Anubhav Ghosh, Mr. Vivek Shah, Ms. Rebecca
Cardoso, Advocates i/b Trilegal for the Appellant.
Mr. Akash Rebello, Advocate with Mr. Mihir Mody, Mr. Yash Sutaria, Mr. Tushar Bansode,
Advocates i/b. K Ashar & Co. for the Respondent Nos. 1 (SEBI).
None for the Respondent Nos. 2 (Camac Commercial).
None for the Respondent Nos. 3 (Samir Jain).
None for the Respondent Nos. 4 (Meera Jain).
None for the Respondent Nos. 5 (Ashoka Viniyoga).
None for the Respondent Nos. 6 (Artee Viniyoga).
None for the Respondent Nos. 7 (PNB Finance)
None for the Respondent Nos. 8 (Punjab Mercantile).
Mr. Kunal Katariya, Advocate with Mr. Pulkit Sukhramani,
Ms. Samreen Fatima, Mr. Juan D'souza, Advocates i/b JSA, Advocates & Solicitors for the
Intervenor (Ashok Dayabhai Shah).
With
Appeal No. 380 of 2023
Camac Commercial Company Ltd. ..... Appellant
Versus
7
Securities and Exchange Board of India & Ors. ... Respondents
Mr. Zal Andhyarujina, Senior Advocate with Ms. Shruti Rajan, Mr. Anubhav Ghosh, Mr.
Vivek Shah, Mr. Jahaan Dastur, Advocates i/b Trilegal for the Appellant.
Mr. Akash Rebello, Advocate with Mr. Mihir Mody, Mr. Yash Sutaria, Mr. Tushar Bansode,
Advocates i/b. K Ashar & Co. for the Respondent Nos. 1 (SEBI).
None for the Respondent Nos. 2 (PNB Finance).
None for the Respondent Nos. 3 (Samir Jain).
None for the Respondent Nos. 4 (Meera Jain).
None for the Respondent Nos. 5 (Trishla Jain).
None for the Respondent Nos. 6 (Ashoka Viniyoga).
None for the Respondent Nos. 7 (Artee Viniyoga)
None for the Respondent Nos. 8 (Combine Holding).
Ms. Arti Raghavan, Advocate with Mr. Pulkit Sukhramani, Ms. Samreen Fatima, Mr. Juan
D'souza, Advocates i/b JSA, Advocates & Solicitors for the Intervenor (Ashok Dayabhai
Shah).
With
Appeal No. 381 of 2023
Ashoka Viniyoga Limited ..... Appellant
Versus
Securities and Exchange Board of India & Ors. ... Respondents
Ms. Shruti Rajan, Advocate with Mr. Anubhav Ghosh, Mr. Vivek Shah, Advocates i/b
Trilegal for the Appellant.
Mr. Akash Rebello, Advocate with Mr. Mihir Mody, Mr. Yash Sutaria, Mr. Tushar Bansode,
Advocates i/b. K Ashar & Co. for the Respondent Nos. 1 (SEBI).
None for the Respondent Nos. 2 (PNB Finance).
None for the Respondent Nos. 3 (Samir Jain).
None for the Respondent Nos. 4 (Meera Jain).
None for the Respondent Nos. 5 (Trishla Jain).
None for the Respondent Nos. 6 (Artee Viniyoga).
8
None for the Respondent Nos. 7 (Camac Commercial)
None for the Respondent Nos. 8 (Combine Holding).
Ms. Arti Raghavan, Advocate with Mr. Pulkit Sukhramani, Ms. Samreen Fatima, Mr. Juan
D'souza, Advocates i/b JSA, Advocates & Solicitors for the Intervenor (Ashok Dayabhai
Shah).
With
Appeal No. 382 of 2023
Artee Viniyoga Ltd. ..... Appellant
Versus
Securities and Exchange Board of India & Ors. ... Respondents
Ms. Shruti Rajan, Advocate with Mr. Anubhav Ghosh, Mr. Vivek Shah, Advocates i/b
Trilegal for the Appellant.
Mr. Akash Rebello, Advocate with Mr. Mihir Mody, Mr. Yash Sutaria, Mr. Tushar Bansode,
Advocates i/b. K Ashar & Co. for the Respondent Nos. 1 (SEBI).
None for the Respondent Nos. 2 (PNB Finance).
None for the Respondent Nos. 3 (Samir Jain).
None for the Respondent Nos. 4 (Meera Jain).
None for the Respondent Nos. 5 (Trishla Jain).
None for the Respondent Nos. 6 (Ashoka Viniyoga).
None for the Respondent Nos. 7 (Camac Commercial)
None for the Respondent Nos. 8 (Combine Holding).
Mr. Kunal Katariya, Advocate with Mr. Pulkit Sukhramani,
Ms. Samreen Fatima, Mr. Juan D'souza, Advocates i/b JSA, Advocates & Solicitors for the
Intervenor (Ashok Dayabhai Shah).
With
Appeal No. 383 of 2023
Combine Holding Ltd. ..... Appellant
Versus
Securities and Exchange Board of India & Ors. ... Respondents
Ms. Shruti Rajan, Advocate with Mr. Anubhav Ghosh, Mr. Vivek Shah, Advocates i/b
Trilegal for the Appellant.
9
Mr. Akash Rebello, Advocate with Mr. Mihir Mody, Mr. Yash Sutaria, Mr. Tushar
Bansode, Advocates i/b. K Ashar & Co. for the Respondent Nos. 1 (SEBI).
None for the Respondent Nos. 2 (PNB Finance).
None for the Respondent Nos. 3 (Samir Jain).
None for the Respondent Nos. 4 (Meera Jain).
None for the Respondent Nos. 5 (Trishla Jain).
None for the Respondent Nos. 6 (Ashoka Viniyoga).
None for the Respondent Nos. 7 (Artee Viniyoga)
None for the Respondent Nos. 8 (Camac Commercial).
Ms. Arti Raghavan, Advocate with Mr. Pulkit Sukhramani, Ms. Samreen Fatima, Mr. Juan
D'souza, Advocates i/b JSA, Advocates & Solicitors for the Intervenor (Ashok Dayabhai
Shah).
ORDER :
1. By consent, call on April 7, 2025 at 10:30 a.m. Justice P. S. Dinesh Kumar Presiding Officer Ms. Meera Swarup Technical Member Dr. Dheeraj Bhatnagar Technical Member 20.03.2025 MRS PRAMILA Digitally signed by MRS PRAMILA Date: 2025.03.21 16:55:12 +05'30' PTM