Securities Appellate Tribunal
Sunil Arjan Lulla vs Sebi on 28 June, 2024
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date of Decision : 28.06.2024
Misc. Application No. 1568 of 2024
And
Misc. Application No. 1569 of 2024
And
Appeal No. 97 of 2024
Eros International Media Ltd.
901/902, Supreme Chambers,
Off Veera Desai Road,
Andheri (West),
Mumbai - 400 053. ..... Appellant
Versus
Securities and Exchange Board of India
SEBI Bhavan, Plot No. C-4A, G-Block,
Bandra-Kurla Complex, Bandra (East),
Mumbai - 400 051. ...Respondent
Mr. Vikram Nankani, Senior Advocate with Mr. Ameet Naik, Mr. Abhishek Kale, Mr. Madhu Gadodia, Mr. Pabitra Dutta, Ms. Shalvika Nachankar, Mr. Vidhur Malhotra and Ms. Tarini Kulkarni, Advocates i/b Naik Naik and Co. for the Appellant.
Mr. J.P. Sen, Senior Advocate with Mr. Sumit Yadav, Mr. Abhay Chauhan, Mr. Atul Kumar Agrawal and D Kalyan Reddy, Advocates i/b The Law Point for the Respondent - SEBI.
WITH Misc. Application No. 1570 of 2024 And Misc. Application No. 1571 of 2024 And Appeal No. 98 of 2024 -2- Pradeep Kumar Dwivedi 901/902, Supreme Chambers, Off Veera Desai Road, Andheri (West), Mumbai - 400 053. ..... Appellant Versus Securities and Exchange Board of India SEBI Bhavan, Plot No. C-4A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051. ...Respondent Mr. Vikram Nankani, Senior Advocate with Mr. Ameet Naik, Mr. Abhishek Kale, Mr. Madhu Gadodia, Mr. Pabitra Dutta, Ms. Shalvika Nachankar, Mr. Vidhur Malhotra and Ms. Tarini Kulkarni, Advocates i/b Naik Naik and Co. for the Appellant.
Mr. J.P. Sen, Senior Advocate with Mr. Sumit Yadav, Mr. Abhay Chauhan, Mr. Atul Kumar Agrawal and D Kalyan Reddy, Advocates i/b The Law Point for the Respondent - SEBI.
WITH Misc. Application No. 1572 of 2024 And Misc. Application No. 1573 of 2024 And Appeal No. 99 of 2024 Sunil Arjan Lulla 901/902, Supreme Chambers, Off Veera Desai Road, Andheri (West), Mumbai - 400 053. ..... Appellant Versus Securities and Exchange Board of India SEBI Bhavan, Plot No. C-4A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051. ...Respondent -3- Mr. Vikram Nankani, Senior Advocate with Mr. Ameet Naik, Mr. Abhishek Kale, Mr. Madhu Gadodia, Mr. Pabitra Dutta, Ms. Shalvika Nachankar, Mr. Vidhur Malhotra and Ms. Tarini Kulkarni, Advocates i/b Naik Naik and Co. for the Appellant.
Mr. J.P. Sen, Senior Advocate with Mr. Sumit Yadav, Mr. Abhay Chauhan, Mr. Atul Kumar Agrawal and D Kalyan Reddy, Advocates i/b The Law Point for the Respondent - SEBI.
WITH Misc. Application No. 1574 of 2024 And Appeal No. 100 of 2024 Eros Worldwide FZE (earlier known as Eros Worldwide FZ LLC) Suite CVT - FLR02-02.01.2, 2nd Floor, Convention Tower, DM Bldg No. 11, Dubai World Trade Centre, Sheikh Zayed Road, Dubai, United Arab Emirates. ..... Appellant Versus Securities and Exchange Board of India SEBI Bhavan, Plot No. C-4A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051. ...Respondent Ms. Rinku Valanju, Advocate i/b R V Legal for the Appellant.
Mr. J.P. Sen, Senior Advocate with Mr. Sumit Yadav, Mr. Abhay Chauhan, Mr. Atul Kumar Agrawal and D Kalyan Reddy, Advocates i/b The Law Point for the Respondent - SEBI.
-4-AND Misc. Application No. 1575 of 2024 And Appeal No. 101 of 2024 Eros Digital Private Limited Office No. 201, 2nd Floor, Kailash Plaza, Plot No. A-12, Off New Link Road, Andheri (West), Mumbai - 400 053. ..... Appellant Versus Securities and Exchange Board of India SEBI Bhavan, Plot No. C-4A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051. ...Respondent Ms. Rinku Valanju, Advocate i/b R V Legal for the Appellant.
Mr. J.P. Sen, Senior Advocate with Mr. Sumit Yadav, Mr. Abhay Chauhan, Mr. Atul Kumar Agrawal and D Kalyan Reddy, Advocates i/b The Law Point for the Respondent - SEBI.
CORAM : Justice P.S. Dinesh Kumar, Presiding Officer Ms. Meera Swarup, Technical Member Dr. Dheeraj Bhatnagar, Technical Member Per : Justice P.S. Dinesh Kumar, Presiding Officer (Oral) All the five appeals raise a common issue and are being taken up together.
-5-2. At the outset, Shri J.P. Sen, learned Senior Advocate appearing for the Securities and Exchange Board of India1 submitted that in similar circumstances, this Tribunal in Gautam Thapar & Ors. v SEBI& Anr.2 has directed issuance of show cause notice, if any, within four weeks and thereafter to decide the matter within an outer limit of six months.
He also submitted that if a similar order is passed in this case, SEBI shall abide by such directions.
3. Shri Vikram Nankani, learned Senior Advocate for the appellant though refuted that the facts of this case and that in Gautam Thapar are identical, similar order may be passed by reducing the timeline and fixing a strict time schedule.
4. After hearing the parties on both sides, we direct that the show cause notice, if any, shall be issued within an outer limit of three weeks from today and the matter shall be decided within an outer limit of five months from the date of receiving the appellant's reply subject to appellant cooperating in the proceedings and not seeking any adjournments.
5. All contentions of respective parties are kept open.
1For short, 'SEBI' 2 Appeal No. 24/2020 decided on 06.04.2021.
-6-6. As prayed for by Shri Vikram Nankani it is clarified that this order shall not come in the way of appellant filing necessary application, if so advised, seeking appropriate permission from SEBI to raise funds. SEBI shall consider such application on its merits.
7. Appeals stand disposed of with above directions.
Pending interlocutory applications, if any, stand disposed of.
Justice P.S. Dinesh Kumar Presiding Officer Ms. Meera Swarup Technical Member Dr. Dheeraj Bhatnagar Technical Member 28.06.2024 MADHUKAR Digitally signed by MADHUKAR SHAMRAO SHAMRAO BHALBAR msb BHALBAR Date: 2024.07.01 14:08:08 +05'30'