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Judgment
Tarun Agarwala, Presiding Officer
All these appeals are against a common order dated June 28, 2022 passed by the Adjudicating Officer (hereinafter referred to as ‘AO’) of Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) imposing a penalty of Rs. 5 lacs each for non-compliance of the direction issued earlier by the Whole Time Member dated January 2, 2019 under Section 11B of the Securities and Exchange Board of India Act, 1992.
Having heard the learned counsel for the parties, we find that the controversy involved in the present appeals is squarely covered by a decision of this Tribunal dated July 5, 2022 passed in Appeal No. 471 of 2020 Bhargav Ranchhodlal Panchal & Anr. vs. SEBI.
Consequently, for the reasons stated therein the impugned order cannot be allowed to stand in so far as the present appellants are concerned. The impugned order is set aside. The appeals are allowed with no order as to costs.
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. Certified copy of this order is also available from the Registry on payment of usual charges.