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Judgment
Tarun Agarwala, Presiding Officer
Pursuant to an order of Securities & Exchange Board of India (hereinafter referred to as, ‘SEBI’) dated July 27, 2010 whereby certain
directions were issued to make an open offer which order has been affirmed by the Hon’ble Supreme Court of India. Since the directions were
not complied with, a show cause notice was issued by the Adjudicating Officer (hereinafter referred to as, ‘AO’) to the directors, namely,
Zafar Younus Sareshwala and Uves Younus Sareshwala to show cause as to why a penalty should not be imposed for non compliance of the
direction issued by the Whole Time Member in its order. After considering the reply, the AO passed the impugned order dated June 22, 2018 imposing
a penalty of Rs. 25 lacs to be paid by the two directors jointly and severally.
The said directors have not filed any appeal before this Tribunal till date. However, the present appeal has been filed on behalf of the company
alongwith an application for condoning the delay.
Having heard the learned counsel for the appellant, we are of the view that the appeal is not maintainable in as much as the impugned order has
been passed against the directors and not against the company. Dismissed.