29/07/2024, 12:26 Monika Garware vs Sebi on 23 April, 2021
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Securities Appellate Tribunal
Monika Garware vs Sebi on 23 April, 2021
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29/07/2024, 12:26 Monika Garware vs Sebi on 23 April, 2021
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date: 23.04.2021
Appeal No. 187 of 2021
Garware Polyester Ltd. ...Appellant
Versus
Securities and Exchange Board of India ...Respondent
WITH
Appeal No. 188 of 2021
Shashikant B. Garware ...Appellant
Versus
Securities and Exchange Board of India ...Respondent
WITH
Appeal No. 189 of 2021
Monika Garware ...Appellant
Versus
Securities and Exchange Board of India ...Respondent
WITH
Appeal No. 190 of 2021
Sheela S. Garware ...Appellant
Versus
Securities and Exchange Board of India ...Respondent
2
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29/07/2024, 12:26 Monika Garware vs Sebi on 23 April, 2021
WITH
Appeal No. 191 of 2021
Ms. Sonia Garware ...Appellant
Versus
Securities and Exchange Board of India ...Respondent
AND
Appeal No. 192 of 2021
Ms. Sarita Garware Ramsay ...Appellant
Versus
Securities and Exchange Board of India ...Respondent
Mr. Somasekhar Sundaresan, Advocate with Mr. Sanjay Buch,
Ms. Shruti Katakey and Ms. Yashvi Shah, Advocates i/b
Crawford Bayley & Co. for the Appellants.
Ms. Nidhi Singh, Advocate with Mr. Hersh Choudhary,
Ms. Nipa Paka and Ms. Riddhi Pawar, Advocates i/b Vidhii
Partners for the Respondent.
ORDER:
1. These six appeals have been filed against a common order and are being taken up together at the admission stage itself.
Connect with each other.
2. Three weeks time is allowed to the respondent to file a reply. Three weeks thereafter to the appellants to file rejoinder. List
on June 22, 2021.
3. It transpires that a creeping acquisition was made over 9 years ago in violation of the disclosure obligations. It further
transpires that the appellants having realised this fact immediately rectified the error on October 18 and October 23, 2012 and
intimated the stock exchange. Inspite of this, a show cause notice was served after 9 years and thereafter the impugned order
was issued. Prima facie there appears to be an inordinate delay in the issuance of the show cause notice. In view of the
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29/07/2024, 12:26 Monika Garware vs Sebi on 23 April, 2021
aforesaid, we direct that no realization of the penalty amount pursuant to the impugned order will be made from the appellants
till the next date of listing.
4. Parties are directed to take instructions from the Registrar 48 hours before the date fixed in order to find out as to whether
the matters would be taken up for hearing through video conference or through physical hearing.
5. 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 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.
Justice Tarun Agarwala Presiding Officer Justice M. T. Joshi Judicial Member 23.04.2021 RAJALA Digitally signed by PK
KSHMI RAJALAKSHMI H NAIR H NAIR Date: 2021.04.26 16:21:22 +05'30'
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