BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI

Date of Decision : 18.12.2013

Misc. Application No. 109 of 2013
And
Appeal No. 175 of 2013

Suresh Bharrat
C-2/7, Janak Puri,
New Delhi 110 058.

Appellant

Versus

Securities and Exchange Board of India
SEBI Bhavan, Plot No. C-4A, G Block,
Bandra Kurla Complex, Bandra (East),
Mumbai – 400 051.

      Respondent  

Mr. J.J. Bhatt, Advocate with Ms. Rinku Valanju, Ms. Urmila Thakar and
Mr. Nimit Gandhi, Advocates for the Appellant.

Mr. Kumar Desai, Advocate with Mr. Manish Acharya, Advocate for the
Respondent.

CORAM : Justice J.P. Devadhar, Presiding Officer
Jog Singh, Member
A.S. Lamba, Member

Per : J.P. Devadhar (Oral)

1. Appellant has filed Appeal No. 175 of 2013 with Misc. Application

No. 109 of 2013 seeking condonation of delay of 1514 days in filing appeal.

Appeal is filed to challenge adjudication order dated May 27, 2009 wherein

penalty of Rs. 17,50,000/- has been imposed upon the appellant under

Section 15 HA of the Securities and Exchange Board of India Act, 1992.

2. Although, several grounds are raised to challenge the impugned

order, in view of inordinate delay in filing appeal, learned counsel for

appellant on instruction states that in the circumstances set out in

Misc. Application, delay be condoned and impugned order be marked as

2

satisfied subject to appellant undertaking to pay penalty of Rs. 17,50,000/-

in two installments. Counsel for respondent fairly agrees to above proposal.

3. Accordingly, delay is condoned. Appellant is directed to pay to

respondent penalty amount of Rs. 17,50,000/- imposed under impugned

order by two installments as under:-

(a) Rs. 5,00,000/- within a period of 10 days from today;

(b) Balance amount of Rs. 12,50,000/- on or before March 31,

2014. Subject to above undertaking which is hereby accepted and subject to

appellant making aforesaid payments on dates specified hereinabove,

impugned order dated May 27, 2009 shall stand satisfied. Appeal stands

disposed of accordingly.

5. If appellant fails to comply any one condition set out in paragraph 3

above, this order shall automatically come to an end and respondent will be

entitled to enforce impugned order in accordance with law including

pursuing criminal proceedings initiated against appellant.

6. Appeal as well as Misc. Application are disposed of in above terms

with no order as to costs.

                Sd/-  
     Justice J.P. Devadhar  

Presiding Officer

  Sd/-  
      Jog Singh  
                     Member  


            Sd/-  
    A.S. Lamba  

Member
18.12.2013
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