Yogi Sungwan v. SEBI
Case brief
What is this about?
The SAT allowed the appeal allowing Yogi Sungwon (India) Ltd's challenge to a penalty imposed for delayed reporting of a share acquisition. The Tribunal remanded the matter for de novo consideration by the Adjudicating Officer to pass a speaking order considering all relevant circumstances and factors under Section 15J.
What did the court decide?
Impugned order set aside and matter remanded to Adjudicating Officer for de novo consideration with a speaking order.
BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI
APPEAL NO. 36/2000
In the matter of:
Yogi Sungwon (India) Ltd Appellant
Vs.
Securities & Exchange Board of India Respondent
APPEARANCE:
Mr. Jayant Thakur Chartered Accountant
Mr. Rajesh Mulani Director
Yogi Sungwon (India) Ltd for Appellant
Mr. Ananta Barua Dy. Legal Advisor, SEBI Mr.K.R.C.V.Seshachalam Asstt. Legal Adviser, SEBI for Respondent
(Appeal arising out of the order dated 19.10.2000 made by the Adjudicating Officer, Securities & Exchange Board of India)
Issues for consideration
3 issues framed by the court
Whether the Adjudicating Officer erred in levying penalty for technical non-compliance with share acquisition regulations.
Whether the Adjudicating Officer considered mandatory factors under Section 15J before imposing penalty.
Whether the appeal should be allowed or remanded for de novo consideration with speaking order.
Parties & counsel
- appellant
Yogi Sungwon (India) Ltd
- respondent
Securities & Exchange Board of India
Coram
C. Achutan
Case details
As recorded by the court registry
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