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Minal Bharat Patel & Others v/s Securities & Exchange Board of India

    Misc. Application Nos. 321, 317, 318, 200 of 2022

    Decided On, 06 May 2022

    At, SEBI Securities amp Exchange Board of India Securities Appellate Tribunal

    By, THE HONOURABLE MR. JUSTICE TARUN AGARWALA
    By, PRESIDING OFFICER
    By, THE HONOURABLE MR. JUSTICE M.T. JOSHI
    By, JUDICIAL MEMBER & THE HONOURABLE MS. MEERA SWARUP
    By, TECHNICAL MEMBER

    For the Appellants: P.N. Modi, Senior Advocate, Neville Lashkari, Rihal Kazi, Harshad Virkar, i/b M&M Legal Ventures, Advocates. For the Respondent: Pradeep Sancheti, Senior Advocate, Nishit Dhruva, Yash Garach, Shefali S. Shinde, Meghna Ashwin, Advocates i/b MDP & Partners.



Judgment Text

1. The appeal has taken up for admission. The urgency application is accordingly disposed of.

2. An exemption application has been filed seeking exemption from filing the certified copy of the impugned order. We direct the appellants to file a certified copy of the impugned order within three weeks from today. Exemption application is disposed of.

3. Upon hearing the learned counsel for the parties, we direct the respondent to file a reply within three weeks from today. Three weeks thereafter for the appellants to file rejoinder. The matter would be listed for admission and for final disposal on June 8, 2022.

4. Considering the facts that on the same cause of action, the AO by its order dated December 23, 2020 has exonerated the appellants from the manipulation in the trades in question. We accordingly direct that the effect and operation of the impugned order shall remain stayed during the pendency of the appeal.

5. 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 digita

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lly signed copy of this order. Certified copy of this order is also available from the Registry on payment of usual charges.
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