Securities Appellate Tribunal
Roselabs Finance Ltd. vs Sebi on 10 November, 2020
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date:10.11.2020
Misc. Application No.429 of 2020
And
Misc. Application No.430 of 2020
And
Misc. Application No.438 of 2020
And
Appeal No.101 of 2020
Roselabs Finance Ltd. ...Appellant
Versus
Securities and Exchange Board of India ...Respondent
Mr. Zal Andhyarujina, Advocate with Ms. Shruti
Sardessai, Mr. Mehul Jain, Advocates and Mr. Hitesh
Marthak, Representative i/b. Bharucha & Partners for the
Appellant.
Mr. Abhiraj Arora, Advocate i/b. ELP for the
Respondent.
Order:
1.The present appeal has been filed against the order of the Adjudicating Officer dated 23rd December, 2019 2 imposing a penalty of Rs.2.53 crores. On 19th October, 2020 the Tribunal passed an order directing the respondent to file a reply within three weeks and the matter was directed to be listed for admission and for final disposal on 15th December, 2020.
2. In the meanwhile, the appellant has received a notice of attachment based on which the urgency application has been filed and the matter has been taken up today. After hearing the counsel for the parties, we find that no reply has been filed by the respondent till date. Considering the aforesaid, we direct the appellant to deposit 50% of the amount pursuant to the impugned order before the respondent within a week from today. The amount so deposited shall be kept in an interest bearing account and would be subject to the result of the appeal. If the aforesaid amount is deposited, the balance amount shall not be recovered during the pendency of the appeal and 3 attachment, if any, would be lifted. List on 15th December, 2020 for admission and for final disposal.
3. The respondent will file reply within ten days.
Rejoinder, if any, may be filed on or before the next date. Misc. Application nos.429 and 438 of 2020 are disposed of accordingly.
4. Amendment application is allowed. Necessary corrections in the memo of appeal be carried out within two weeks from today and amended copy of the appeal be supplied to the Tribunal and to all the parties.
5. Parties are directed to contact the Registrar 48 hours before the date fixed to find out as to whether the hearing would take place through video conferencing or through physical hearing.
6. 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 4 digitally signed by the Presiding Officer on behalf of the bench and all concerned parties are directed to act on the digitally signed copy of this order. Parties will act on production of a digitally signed copy sent by fax and/or email.
Justice Tarun Agarwala Presiding Officer TARUN Digitally signed by TARUN AGARWAL DN: c=IN, o=PUBLIC WORKS DEPARTMENT UTTAR PRADESH, postalCode=221505, st=Uttar Pradesh, 2.5.4.20=30fcf68685192bbc53e6ff1608a83fb3881de7ac2ab7 AGARWAL 954d509c85ed6e0f7c41, serialNumber=095f8b286bb0b1cd07ff676611f4f5e7999727d 404aa38ca422f9d3529bdb8a3, cn=TARUN AGARWAL Date: 2020.11.10 15:00:22 +05'30' Dr. C. K. G. Nair Member Justice M.T. Joshi Judicial Member 10.11.2020 RHN