BEFORE THE
SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date of Decision : 02.07.2019
Misc. Application No.340 of 2019
In
Appeal No.285 of 2018
GRD Securities Limited
238A, A J C Bose Road,
6th Floor,
Kolkata – 700 012.

…Applicant
(Org. Appellant)
Versus
[[
1. National Stock Exchange of India Ltd.
Exchange Plaza, Bandra Kurla Complex,
Bandra (E),
Mumbai – 400 051.
2. Securities and Exchange Board of India
SEBI Bhavan, Plot No.C-4A, ‘G’ Block,
Bandra-Kurla Complex, Bandra (East),
Mumbai – 400 051.

…Respondent No.1
(Org. Respondent
No.1)
… Respondent No.2
(Org. Respondent
No.2)
Mr. Jaikishan Lakhwani, Advocate i/b Jaikishan Lakhwani Legal Advisors
for the Applicant.
Mr. Sachin Chandarana, Advocate i/b MKA & Co. for Respondent No.1.
Mr. Vivek Shah, Advocate i/b ELP for Respondent No.2.

CORAM :
Justice Tarun Agarwala, Presiding Officer
Dr. C.K.G. Nair, Member
Justice M.T. Joshi, Judicial Member
Per : Justice Tarun Agarwala (Oral)
1.

By our Order dated 10th June, 2019, we had partly allowed the appeal
and reduced the penalty from Rs.2.05 crore to Rs.50 lakhs which was
required to be paid by the appellant within four weeks. The said period is
2
expiring and in the meantime the present Misc. Application has been filed
praying that the appellant may be permitted to pay the said amount of
Rs.50 lakhs in ten equal installments.

2.

Considering the aforesaid, we grant the appellant four weeks further
time to pay the penalty.

3.

Misc. Application is disposed of accordingly.

Sd/Justice Tarun Agarwala
Presiding Officer
Sd/Dr. C.K.G. Nair
Member
Sd/Justice M.T. Joshi
Judicial Member
02.07.2019
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