Jayesh Narottamdas Gandhi And Others vs Adjudicating Officer

Tarun Agarwala, Presiding Officer

The present appeal has been filed against the order dated 31 st July, 2020 passed by the Adjudicating Officer imposing a penalty of Rs.5 lakhs each

on the Appellants.

We find that on the same charge the Whole Time Member had passed an order against which Appeal no.347 of 2019 was filed which was decided

alongwith other appeals by an order dated 21st February, 2020 and the order of the Whole Time Member was set aside.

The fact that the Adjudicating Officer has passed the impugned order is based on the same charge as passed by the WTM is admitted by the

Respondent. In view of the aforesaid, the controversy involved in the present appeal is squarely covered by the decision of this Tribunal in the case of

Jayeshkumar Narottamdas Gandhi and Ors. Vs. SEBI, Appeal No.347 of 2019 decided on 21st February, 2020. Accordingly, the impugned order is

quashed at the admission stage itself without calling for a reply.

The appeal is allowed with no order as to costs. Misc. Application No.261 of 2020 is also disposed of accordingly.

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 signed copy of this order. Parties will act on production of a digitally signed

copy sent by fax and/or email.