Raksha Plantations v. SEBI
Case brief
What is this about?
The Tribunal dismissed the appeal and an application for condonation of delay. It held that the 250-day delay was inordinate, lacked convincing justification, and the appeal was time-barred and not maintainable.
What did the court decide?
The order of the Securities and Exchange Board of India debarring the Appellant from operating in the capital market was not examined on merits as the appeal was dismissed as time-barred.
BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI
Appeal No.24/2002 And Application No.15/2002
In the matter of Raksha Plantation Pvt. Ltd Appellant/Applicant Vs. Securities and Exchange Board of India Respondent
Appearance Shri H. Karthik Seshadri Advocate for Appellant/Applicant Shri J. Ranganayakulu Jt. Legal Adviser, SEBI Shri Praveen Trivedi Asst. Legal Adviser, SEBI for Respondent
(Appeal arising out of the order dated 2.7.2001 made by the Chairman, Securities and Exchange Board of India)
ORDER
The present appeal is directed against the order dated 2.7.2001 made by the Chairman, Securities and Exchange Board of India. This is a common order directed to 490 entities. The Appellant is one among them. Core portion of the order is as under:
“DIRECTIONS UNDER SECTION 11 B OF THE SEBI ACT 1992 READ WITH REGULATIONS 65,73 & 74 OF SEBI (COLLECTIVE INVESTMENT SCHEMES) REGULATIONS, 1999 ISSUED TO THE ENTITIES WHOSE NAMES ARE MENTIONED HEREINBELOW:-
Vide Order dated December 7, 2000, directions under Section 11B of the SEBI Act, 1992 read with Regulations 65 & 73 Of SEBI (Collective Investment Schemes) Regulations, 1999 were issued to you as you, having failed to make an application for grant of registration, had failed to wind up your existing collective investment schemes and make repayments to your investors in accordance with the provisions of the SEBI (Collective Investment Schemes) Regulations, 1999. As per the said Order, you were directed to refund the money collected under the scheme(s) with returns which is due to the investors as per the terms of the offer within a period of one month from the date of the said Order.
Issues for consideration
2 issues framed by the court
Whether the delay of 250 days in filing the appeal can be condoned under Section 15T of the SEBI Act, 1992.
Whether the Appellant had sufficient cause for not filing the appeal within the prescribed period of 45 days.
Parties & counsel
- appellant
Raksha Plantation Pvt. Ltd
- respondent
Securities and Exchange Board of India
Coram
S. Achutan
Case details
As recorded by the court registry
Similar cases
Judgements on the same questions, provisions and authorities, from every court