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Tribunals and CommissionsFull Bench(2020) 06 SEBI CK 0010

Chandra Prakash Tripathi vs Securities & Exchange Board Of India

Securities Appellate Tribunal Mumbai · Decided on 24 June 2020

HON’BLE JUDGES
Tarun Agarwala, Presiding Officer · Dr. C. K. G. Nair, Member · M. T. Joshi, J
RESULT
Dismissed
CASE NUMBER
Appeal No. 142 Of 2020

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Judgment

17 paragraphs · 347 words

Tarun Agarwala, Presiding Officer

1.

Against the order of this Tribunal dated 7th November, 2019, the acquirer filed a Civil Appeal before the Supreme Court which was disposed of by

an order dated 16th December, 2019 wherein the Supreme Court modified the order of this Tribunal.

2.

It transpires that the Appellant filed a Misc. Application No.717 of 2020 before the Supreme Court with regard to the quantum of interest to be paid

by the acquirer. This application was disposed of by the Supreme Court by an order dated 2nd March, 2020 permitting the Appellant to file an

appropriate application before the Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) which would be decided in

accordance with law.

3.

Based on the aforesaid directions, the Appellant filed an application dated 16th March, 2020 before SEBI and, without waiting for the order, filed

the present appeal seeking appropriate directions to SEBI to pass the order within a stipulated period.

4.

Mr. Pradeep Sancheti, the learned Senior Counsel for SEBI has informed that in the meanwhile SEBI has passed an order dated 22nd June, 2020

disposing of the Appellant’s application with regard to payment of interest. This fact is admitted by the learned counsel for the Appellant.

5.

In view of the aforesaid, in our opinion, the appeal has become infructuous and is dismissed as such at the admission stage itself. It would however

be open to the Appellant to file an appeal if he is aggrieved by the decision of SEBI dated 22nd June, 2020.

6.

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 Presiding Officer on behalf

of the bench 6 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.