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of <h1>SAT Mumbai modifies October 2024 order, sets aside SEBI directions and remits matter for fresh consideration</h1> <h3>Securities & Exchange Board of India Versus Texmo Pipes & Products Ltd., Sanjay Kumar Agrawal and Vijay Prasad Pappu, Burhanpur</h3> SAT Mumbai modified its October 2024 order in appeals concerning SEBI proceedings. The Tribunal set aside specific directions in both appeals and remitted ... SEBI seeking a clarification to the effect that two orders are modified - appellants in the appeals were concerned with only two directions, namely, steps taken to bring back the money and period of debarment - HELD THAT:- Learned advocate for the respondent has no objection but suggested that for the sake of clarity, the directions in paragraph No. 183(1) and 183(2) of the impugned order in the Appeal No. 922 of 2023 and paragraph No. 183(2) and 184 in Appeal No. 102 of 2024 may be set aside. Hence, the following; i. Order dated October 24, 2024 is modified as follows :- a. paragraph No. 2 will be read as ‘in view of the above, directions at paragraph No. 183(1) and 183(2) of the impugned order in Appeal No. 922 of 2023 is set aside. The matter is remitted to the file of the SEBI to consider the additional documents which the appellant may produce before the SEBI and pass fresh directions in accordance with law.’ b. Paragraph No. 3 will be read as under : “Therefore, the impugned direction in paragraph no. 183(2) and 184 in appeal No. 102 of 2024 is set aside and remitted to the SEBI for passing fresh directions in accordance with law. The appellant may produce the documents within a period of four weeks from today.” ii. Learned advocate for the appellant submitted that the aforesaid documents have already been submitted before the SEBI. SEBI shall expedite to pass the order. iii. Review application stands disposed of. The Securities Appellate Tribunal (SAT) at Mumbai, presided over by Justice P. S. Dinesh Kumar, modified its earlier order dated October 24, 2024, concerning appeals No. 922 of 2023 and No. 102 of 2024. The Tribunal clarified that the directions in paragraph Nos. 183(1) and 183(2) of the impugned order in Appeal No. 922/2023 and paragraph Nos. 183(2) and 184 in Appeal No. 102/2024 are set aside. The matter is remitted to SEBI to reconsider the cases, allowing the appellant in Appeal No. 922/2023 to produce additional documents for fresh consideration. The Tribunal emphasized that SEBI must pass fresh directions 'in accordance with law,' and noted that the appellant has already submitted the documents, urging SEBI to expedite its order. The review application was disposed of accordingly.
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