Jindal Pipes Limited vs Sebi on 28 January, 2022

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Securities Appellate Tribunal

Jindal Pipes Limited vs Sebi on 28 January, 2022

Bench: Tarun Agarwala

BEFORE THE SECURITIES APPELLATE TRIBUNAL
                 MUMBAI

                                 Date of Decision: 28.01.2022


              Misc. Application No. 58 of 2022
                           And
              Misc. Application No. 77 of 2022
                           And
                   Appeal No. 53 of 2022


Jindal Pipes Limited
22nd Mile Delhi-Hapur Road,
PO Jindalnagar, Ghaziabad,
Uttar Pradesh- 201 302                           ...Appellant

Versus

1.

Securities and Exchange Board of India, SEBI Bhavan, Plot No. C-4A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai- 400 051

2. Indian Seamless Metal Tubes Limited Panama House (Earlier known as Lunkad Towers), Viman Nagar, Pune- 411 014

3. Kirloskar Ferrous Industries Limited 13, Laxmanrao Kirloskar Road, Khadki, Pune- 411 003, Maharashtra ...Respondents Mr. Ashish Kamat, Advocate with Mr. Pulkit Sharma and Mr. Ali Kazmi, Advocates i/b Mr. Ali Kazmi, Advocate for the Appellant.

Mr. Pradeep Sancheti, Senior Advocate with Mr. Mihir Mody, Mr. Arnav Misra and Mr. Mayur Jaisingh, Advocates i/b. K. Ashar & Co. for Respondent No. 1 SEBI.

Mr. Janak Dwarkadas, Senior Advocate with Mr. Nitesh Jain, Mr. Hridhyay Khurana, Mr. Adrish Guha and Ms. Vidhi Barot, Advocates i/b Trilegal for Respondent No. 2.

Mr. Zal Andhyarujina, Senior Advocate with Ms. Ishani Khanwilkar, Mr. Satish Kishanchandani, Mr. Sohil Shah, Mr. Rushad Irani and Mr. Soham Banerjee, Advocates i/b Pioneer Legal for Respondent No. 3.

CORAM: Justice Tarun Agarwala, Presiding Officer Justice M. T. Joshi, Judicial Member Per: Justice Tarun Agarwala, Presiding Officer (Oral)

1. Since the matter has been taken up for hearing, the urgency application is disposed of accordingly.

2. Having heard the learned senior counsel/ learned counsel for the parties, we find that the controversy involved in the present appeal is squarely covered by a decision of this Tribunal dated January 19, 2022 in Appeal No. 09 of 2022 Pushpanjali Investrade Private Limited vs. Securities and Exchange Board of India and Ors.

3. Consequently, for the reasons stated thereunder the impugned order is quashed. The matter is remitted to the 3 respondent to pass a fresh order in accordance with law as stated in the order of Pushpanjali Investrade Private Limited.

4. The exemption application is accordingly disposed of.

5. 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 Private Secretary 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 Justice M. T. Joshi RAJALA Digitally signed Judicial Member 28.01.2022 by RAJALAKSHMI PK KSHMI HDate:

NAIR 2022.02.01 H NAIR 09:25:49 +05'30'

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