Securities Appellate Tribunal
Samir Jain & Another vs Sebi & Others on 12 February, 2025
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date: 12.02.2025
Appeal No. 371 of 2023
Samir Jain & Anr. ...Appellants
Versus
Securities and Exchange Board of India & Ors. ...Respondents
Mr. Mihir Mody, Advocate with Mr. Yash Sutaria and
Mr. Tushar Bansode, Advocates i/b. M/s. K. Ashar & Co. for the
Respondent.
Ms. Arti Raghavan, Advocate with Mr. Pulkit Sukhramani,
Ms. Samreen Fatima and Mr. Juan D'souza, Advocates i/b JSA,
Advocates & Solicitors for the Intervenor.
WITH
Appeal No. 372 of 2023
Samir Jain & Anr. ...Appellants
Versus
Securities and Exchange Board of India & Ors. ...Respondents
Mr. Mihir Mody, Advocate with Mr. Yash Sutaria and
Mr. Tushar Bansode, Advocates i/b. M/s. K. Ashar & Co. for the
Respondent.
Mr. Kunal Katariya, Advocate with Mr. Pulkit Sukhramani,
Ms. Samreen Fatima and Mr. Juan D'souza, Advocates i/b JSA,
Advocates & Solicitors for the Intervenor.
WITH
Appeal No. 373 of 2023
Trishla Jain ...Appellant
Versus
Securities and Exchange Board of India & Ors. ...Respondents
2
Mr. Mihir Mody, Advocate with Mr. Yash Sutaria and
Mr. Tushar Bansode, Advocates i/b. M/s. K. Ashar & Co. for the
Respondent.
Ms. Arti Raghavan, Advocate with Mr. Pulkit Sukhramani,
Ms. Samreen Fatima and Mr. Juan D'souza, Advocates i/b JSA,
Advocates & Solicitors for the Intervenor.
WITH
Appeal No. 374 of 2023
PNB Finance And Industries Limited & Anr. ...Appellants
Versus
Securities and Exchange Board of India & Ors. ...Respondents
Mr. Darius Khambata, Senior Advocate with Ms. Gazal Rawal,
Ms. Priyanka Desai and Ms. Kritika Tailor, Advocates i/b Cyril
Amarchand Mangaldas, Advocates for Appellants.
Mr. Kunal Katariya, Advocate with Mr. Pulkit Sukhramani,
Ms. Samreen Fatima and Mr. Juan D'souza, Advocates i/b JSA,
Advocates & Solicitors for the Intervenor.
WITH
Appeal No. 375 of 2023
PNB Finance And Industries Limited ...Appellant
Versus
Securities and Exchange Board of India & Ors. ...Respondents
Mr. Darius Khambata, Senior Advocate with Ms. Gazal Rawal,
Ms. Priyanka Desai and Ms. Kritika Tailor, Advocates i/b Cyril
Amarchand Mangaldas, Advocates for Appellants.
Mr. Mihir Mody, Advocate with Mr. Yash Sutaria and
Mr. Tushar Bansode, Advocates i/b. M/s. K. Ashar & Co. for the
Respondent-SEBI.
3
Ms. Arti Raghavan, Advocate with Mr. Pulkit Sukhramani,
Ms. Samreen Fatima and Mr. Juan D'souza, Advocates i/b JSA,
Advocates & Solicitors for the Intervenor.
Mr. Ashwin Vanayak Ranjane, Advocate with Ms. Mrinal Ranjan
Pramanik, Advocate for Respondent No. 9
WITH
Appeal No. 376 of 2023
Camac Commercial Company Limited ...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 and
Ms. Rebecca Cardoso, Advocates i/b by Trilegal for the
Appellant.
Mr. Kunal Katariya, Advocate with Mr. Pulkit Sukhramani,
Ms. Samreen Fatima and Mr. Juan D'souza, Advocates i/b JSA,
Advocates & Solicitors for the Intervenor.
Mr. Ashwin Vanayak Ranjane, Advocate with Ms. Mrinal Ranjan
Pramanik, Advocate for Respondent No. 9
WITH
Appeal No. 377 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 and Ms. Rebecca Cardoso, Advocates i/b by Trilegal for the
Appellant.
4
Mr. Mihir Mody, Advocate with Mr. Yash Sutaria and
Mr. Tushar Bansode, Advocates i/b. M/s. K. Ashar & Co. for the
Respondent-SEBI.
Mr. Kunal Katariya, Advocate with Mr. Pulkit Sukhramani,
Ms. Samreen Fatima and Mr. Juan D'souza, Advocates i/b JSA,
Advocates & Solicitors for the Intervenor.
WITH
Appeal No. 378 of 2023
Artee Viniyoga Limited ...Appellant
Versus
Securities and Exchange Board of India & Ors. ...Respondents
Ms. Shruti Rajan, Advocate with Mr. Anubhav Ghosh, Mr. Vivek
Shah and Ms. Rebecca Cardoso, Advocates i/b by Trilegal for the
Appellant.
Mr. Mihir Mody, Advocate with Mr. Yash Sutaria and
Mr. Tushar Bansode, Advocates i/b. M/s. K. Ashar & Co. for the
Respondent-SEBI.
Ms. Arti Raghavan, Advocate with Mr. Pulkit Sukhramani,
Ms. Samreen Fatima and Mr. Juan D'souza, Advocates i/b JSA,
Advocates & Solicitors for the Intervenor.
WITH
Appeal No. 379 of 2023
Combine Holding Limited ...Appellant
Versus
Securities and Exchange Board of India & Ors. ...Respondents
Ms. Shruti Rajan, Advocate with Mr. Anubhav Ghosh, Mr. Vivek
Shah and Ms. Rebecca Cardoso, Advocates i/b by Trilegal for the
Appellant.
Mr. Mihir Mody, Advocate with Mr. Yash Sutaria and
Mr. Tushar Bansode, Advocates i/b. M/s. K. Ashar & Co. for the
Respondent-SEBI.
5
Mr. Kunal Katariya, Advocate with Mr. Pulkit Sukhramani,
Ms. Samreen Fatima and Mr. Juan D'souza, Advocates i/b JSA,
Advocates & Solicitors for the Intervenor.
WITH
Appeal No. 380 of 2023
Camac Commercial Company Limited ...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 and
Ms. Rebecca Cardoso, Advocates i/b by Trilegal for the
Appellant.
Mr. Mihir Mody, Advocate with Mr. Yash Sutaria and
Mr. Tushar Bansode, Advocates i/b. M/s. K. Ashar & Co. for the
Respondent-SEBI.
Ms. Arti Raghavan, Advocate with Mr. Pulkit Sukhramani,
Ms. Samreen Fatima and Mr. Juan D'souza, Advocates i/b JSA,
Advocates & Solicitors for the Intervenor.
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 and Ms. Rebecca Cardoso, Advocates i/b by Trilegal for the
Appellant.
Mr. Mihir Mody, Advocate with Mr. Yash Sutaria and
Mr. Tushar Bansode, Advocates i/b. M/s. K. Ashar & Co. for the
Respondent-SEBI.
6
Ms. Arti Raghavan, Advocate with Mr. Pulkit Sukhramani,
Ms. Samreen Fatima and Mr. Juan D'souza, Advocates i/b JSA,
Advocates & Solicitors for the Intervenor.
WITH
Appeal No. 382 of 2023
Artee Viniyoga Limited ...Appellant
Versus
Securities and Exchange Board of India & Ors. ...Respondents
Ms. Shruti Rajan, Advocate with Mr. Anubhav Ghosh, Mr. Vivek
Shah and Ms. Rebecca Cardoso, Advocates i/b by Trilegal for the
Appellant.
Mr. Mihir Mody, Advocate with Mr. Yash Sutaria and
Mr. Tushar Bansode, Advocates i/b. M/s. K. Ashar & Co. for the
Respondent-SEBI.
Mr. Kunal Katariya, Advocate with Mr. Pulkit Sukhramani,
Ms. Samreen Fatima and Mr. Juan D'souza, Advocates i/b JSA,
Advocates & Solicitors for the Intervenor.
AND
Appeal No. 383 of 2023
Combine Holding Limited ...Appellant
Versus
Securities and Exchange Board of India & Ors. ...Respondents
Ms. Shruti Rajan, Advocate with Mr. Anubhav Ghosh, Mr. Vivek
Shah and Ms. Rebecca Cardoso, Advocates i/b by Trilegal for the
Appellant.
Mr. Mihir Mody, Advocate with Mr. Yash Sutaria and
Mr. Tushar Bansode, Advocates i/b. M/s. K. Ashar & Co. for the
Respondent-SEBI.
7
Ms. Arti Raghavan, Advocate with Mr. Pulkit Sukhramani,
Ms. Samreen Fatima and Mr. Juan D'souza, Advocates i/b JSA,
Advocates & Solicitors for the Intervenor.
ORDER:
Heard in part. By consent, call on March 20, 2025 at 10:30 A.M. Justice P. S. Dinesh Kumar Presiding Officer Ms. Meera Swarup Technical Member Dr. Dheeraj Bhatnagar PRERNA Digitally signed by PRERNA Technical Member 12.02.2025 MANISH MANISH KHARE Date: 2025.02.14 KHARE 12:03:27 +05'30' PK