Global Earth Properties And Developers Pvt. Ltd And Others vs Securities And Exchange Board Of India

Connect with Appeal No. 25 of 2019 R S Ispat Limited Vs. Securities and Exchange Board of India. List on August 26, 2020.

These illiquid matters have come up for hearing today through video conference. We have been informed that the settlement scheme dated August

1, 2020 has been introduced by the respondent for settlement of the penalty / violation of the law. Most of the advocates appearing for the appellants

have contended that the settlement amount as per the scheme is far more than the penalty amount imposed under the impugned order and therefore

such settlement is not viable in the first flush. Others have stated that some of the appellants would opt for settlement. Considering the aforesaid we

adjourn the matters to enable the learned counsel for the appellants to seek appropriate instructions from their clients. On the next date, all the

appellants will file an affidavit intimating the Tribunal as to whether they are accepting the settlement scheme or not. In the event, the settlement

scheme is not accepted by the appellants the matters will be heard on merits on the next date.

Parties are directed to take instructions from the Registrar 48 hours before the date fixed in order to find out as to whether the matter would be

taken up for hearing through video conference or through physical hearing.

The present matter was heard through video conference due to Covid-19 pandemic. At this stage it is not possible to sign a copy of this order nor a

certified copy of this order could be issued by the Registry. In these circumstances, this order will be digitally signed by the Presiding Officer on behalf

of the bench and all concerned parties are directed to act on the digitally