AI Structured Summary
Not yet generated for this judgment
Judgment
The present appeal has been filed against the order dated 31st January, 2019 passed by the Adjudicating Officer imposing a penalty. There is a
delay of 312 days in the filing of the appeal and, accordingly, an application for condonation of delay has been filed. The ground urged is that a
rectification application was filed on 19th March, 2019 under Rule 5(5) of the Securities and Exchange Board of India (Procedure for Holding Inquiry
and Imposing Penalties) Rules, 1995. This application remained pending and the Enforcement Department only informed on 10th December, 2019 that
the appellant is required to file an appeal. Soon thereafter the appellant filed the appeal in January, 2020.
Having heard the learned counsel for the parties, we find that admittedly a rectification application was filed and the appellant pursuing remedy
even though it was a wrong remedy. However, in the absence of any malafide intention coupled with the fact that the respondent failed to pass any
order on the application filed by the appellant, we are of the opinion that the benefit given under the section 14 of the Limitation Act should be
extended in this case also. We, accordingly, condone the delay on payment of Rs.25,000 which should be paid to the Registrar of the Tribunal within
four weeks from today.
Having heard the learned counsel for the parties let a reply be filed within three weeks. Two weeks thereafter to the appellant to file rejoinder. The
matter would be listed for admission and for disposal on 8th April, 2021.
Parties are directed to contact the Registrar 48 hours before the date fixed to find out as to whether the hearing would take place through video
conferencing or through physical hearing.
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 Private Secretary on behalf
of the bench 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.