2024 (5) TMI 1227 - SCH - SEBI

SC Rules on SEBI Appeal; Initial Issue Upheld, Second Issue Sent Back for Further Review and Appeal Consolidation.

The SC addressed an appeal concerning the maintainability of SEBI's challenge against SAT's decision. The appellants prevailed on the initial issue, but ... Condonation of delay in filing appeal - constrained to file the appeal after SEBI had instituted an appeal before this Court against the order of the Securities Appellate Tribunal “SAT” - HELD THAT:- From a reading of the impugned order, it appears that while the appellants have succeeded on the first issue, an order of remand has been passed on the second issue to the Whole Time Member by SAT. Appellants, submits that, as a matter of fact, after the order of SAT, a notice was issued to the appellants requiring them to file written submissions before the Whole Time Member which they have complied with. However, it has been submitted that no hearing has taken place before the Whole Time Member and since an appeal has been filed by SEBI against the order of SAT, these appeals may be tagged with the companion appeal filed by SEBI. In the facts and circumstances, we condone the delay. Issue notice. The Supreme Court heard an appeal regarding maintainability due to SEBI's appeal against SAT's order. The appellants succeeded on the first issue, but a remand order was passed on the second issue. The Court condoned the delay, issued notice, and tagged the appeals with a companion appeal filed by SEBI.