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.
