Raj Oil Mills Limited Vs Securities and Exchange Board of India (Securities Appellate Tribunal, Mumbai)
Summary: Securities Appellate Tribunal, Mumbai allowed the appeal filed by Raj Oil Mills Limited and quashed the impugned order after finding that the controversy involved was squarely covered by its earlier decision in Monnet Ispat & Energy Limited vs. Securities and Exchange Board of India, Appeal No. 238 of 2020, decided on October 29, 2020. The Tribunal did not undertake any separate discussion of the controversy in the supplied order. Instead, after hearing counsel for the parties, it expressly adopted the reasons stated in the earlier Monnet Ispat decision and, on that basis, quashed the impugned order. The appeal was consequently allowed with no order as to costs.
The order further records that the matter was heard through video conference due to the Covid-19 pandemic. Because it was not possible at that stage to sign a physical copy of the order or for the registry to issue a certified copy, the Tribunal directed that the order would be digitally signed by the Private Secretary on behalf of the bench. All concerned parties were directed to act upon the digitally signed copy, including a copy transmitted by fax and/or email. The supplied Full Text contains only these two numbered paragraphs and cites Monnet Ispat & Energy Limited vs. Securities and Exchange Board of India as the precedent squarely governing the appeal.
Cases Discussed
- Monnet Ispat & Energy Limited vs. Securities and Exchange Board of India — Securities Appellate Tribunal, Mumbai, Appeal No. 238 of 2020, decided on October 29, 2020.
FULL TEXT OF THE JUDGMENT/ORDER OF SECURITIES APPELLATE TRIBUNAL MUMBAI
1. Heard the learned counsel for the parties. The controversy involved in the present appeal is squarely covered by the decision of this Tribunal in the matter of Monnet Ispat & Energy Limited vs. Securities and Exchange Board of India (Appeal No. 238 of 2020 decided on October 29, 2020). For the reasons stated therein the impugned order is quashed. The appeal is allowed with no order as to costs.
2. 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 Private Secretary 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.
