AI Structured Summary
Not yet generated for this judgment
Judgment
Tarun Agarwala, Presiding Officer
For the reasons stated in the application, the delay in the filing of the appeal is condoned. The application is allowed.
Since the appeal has been taken up for hearing, the urgency application is disposed off.
Having heard the learned counsel for the parties, we find that the controversy involved in the present appeal is squarely covered by a decision of this Tribunal dated September 02, 2022 in Appeal No. 43 of 2020 Sukumar Subramanian vs. SEBI and other connected companion appeals.
In the said order, we had reduced the penalty from Rs. 1 crore to Rs. 10 lakh each payable by the Directors. The appellant is one of the Directors and is, therefore, entitled for a similar relief.
Accordingly, the penalty against the appellant is reduced to Rs. 10 lakhs. The appeal is partly allowed. The exemption application is accordingly disposed off.
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 digitally signed copy of this order. Certified copy of this order is also available from the Registry on payment of usual charges.