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Judgment
We have heard Sri Lalit Joshi, learned counsel assisted by Sri Kunal Katariya, advocate and Sri Jitendra Sharda, learned counsel assisted by Sri
Pulkit Sharma, advocate for the appellants and Sri Mihir Mody, learned counsel assisted by Sri Shehaab Roshan, advocate for the respondent through
video conference.
Connect these appeals with Appeal No. 346 of 2020 IKF Technologies Ltd. vs. Securities and Exchange Board of India.
One of the questions raised is with regard to the proportionality of the penalty in the impugned order. According to the appellants the penalty is very
high and does not commensurate with the misconduct. Let a reply be filed by the respondent within four weeks from today. Three weeks thereafter to
the appellants to file rejoinder.
These matters would be listed for admission and for final disposal on December 21, 2020.
Parties are directed to take instructions from the Registrar 48 hrs. 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 matters were 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.