{"id":75193,"date":"2004-12-01T00:00:00","date_gmt":"2004-11-30T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/cil-securities-limited-vs-securities-and-exchange-board-of-on-1-december-2004"},"modified":"2019-02-13T18:19:03","modified_gmt":"2019-02-13T12:49:03","slug":"cil-securities-limited-vs-securities-and-exchange-board-of-on-1-december-2004","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/cil-securities-limited-vs-securities-and-exchange-board-of-on-1-december-2004","title":{"rendered":"Cil Securities Limited vs Securities And Exchange Board Of &#8230; on 1 December, 2004"},"content":{"rendered":"<div class=\"docsource_main\">Securities Appellate Tribunal<\/div>\n<div class=\"doc_title\">Cil Securities Limited vs Securities And Exchange Board Of &#8230; on 1 December, 2004<\/div>\n<div class=\"doc_bench\">Bench: K Rajaratnam, N Lakhanpal<\/div>\n<\/p>\n<pre><\/pre>\n<p>JUDGMENT<\/p>\n<p>Kumar Rajaratnam, J. (Presiding Officer)<\/p>\n<p>1. The appeal is taken up with the consent of parties.\n<\/p>\n<p>2. Heard the counsel for the appellant, senior counsel Mr. Kumar Desai for SEBI and senior counsel Mr. Somasekhar Sundaresan for the NSDL. The appellant was visited with penalties of Rs. 1,80,437.47 and of Rs. 1,33,409.06 for two different periods with respect to the amounts being kept in the pool account contrary to circulars issued by SEBI. With regard to first amount it appears that SEBI waived the amount without hearing NSDL. The appellant states that the matter was waived after hearing NSDL. This aspect need not be gone into in the present case. The respondent SEBI after hearing NSDL for the second time passed an order holding that the penalty of Rs. 1,80,437.47 is not warranted and not in accordance with the circular.\n<\/p>\n<p>3. The only question arises for consideration is whether this appeal is maintainable. We are of the view that the appeal is not maintainable in view of the fact there is a right of arbitration by NSDL Byelaws under regulations. However, the earlier order passed by the Tribunal has given the appellant right to approach this court. It is only in this view of the matter we dispose of the appeal.\n<\/p>\n<p>4. In view of the fact that SEBI had taken two different views in the matter with regard to penalties it would be appropriate if NSDL reconsiders the matter that whether the appellant is entitled to any relief with regard to Rs. 1,33,409.06.\n<\/p>\n<p>5. In the event NSDL passes any adverse order it would be open to the appellant to take such action in accordance with law. However, all contentions are left open.. Rs. 1,80,437.47 which has already been waived and has become final and shall be credited to the appellant&#8217;s account by NSDL since there is no challenge to this order.\n<\/p>\n<p>6. The appeal is disposed off accordingly. No order as to costs.\n<\/p>\n<p>(Pronounced in Court)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Securities Appellate Tribunal Cil Securities Limited vs Securities And Exchange Board Of &#8230; on 1 December, 2004 Bench: K Rajaratnam, N Lakhanpal JUDGMENT Kumar Rajaratnam, J. (Presiding Officer) 1. The appeal is taken up with the consent of parties. 2. Heard the counsel for the appellant, senior counsel Mr. Kumar Desai for SEBI and senior [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-75193","post","type-post","status-publish","format-standard","hentry","category-judgements"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cil Securities Limited vs Securities And Exchange Board Of ... on 1 December, 2004 - Free Judgements of Supreme Court &amp; High Court | Legal India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/judgments\/cil-securities-limited-vs-securities-and-exchange-board-of-on-1-december-2004\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cil Securities Limited vs Securities And Exchange Board Of ... on 1 December, 2004 - Free Judgements of Supreme Court &amp; 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