2008 (8) TMI 557 - SC - Companies Law

The delay of 720/650/ 870/ 700/ 998 days in filing the appeal is condoned, subject to payment of deposit of Rs. 1,00,000/1,00,000/ 1,25,000/1,00,000/ 1,25,000 respectively in each appeal as cost to the respondent within six weeks from the date of supply of a copy of this order to the Securities Appellate Tribunal. In default, this appeal shall stand dismissed and the impugned order shall stand affirmed and the application for condonation of delay shall stand rejected.

Summary

Issues:
1. Condonation of delay in filing appeals before the Securities Appellate Tribunal.
2. Requirement of payment or deposit as cost to the respondent for condoning the delay.

Analysis:
For each of the cases presented in the judgment, the Supreme Court, after hearing the learned counsel for the parties and reviewing the application for condonation of delay, decided on the issue of condoning the delay in filing the appeals before the Securities Appellate Tribunal. In all cases, the Court found that the delays of varying durations, ranging from 650 to 998 days, could be condoned under sufficient cause being shown. The Court emphasized the importance of the appellant paying or depositing a specified sum as cost to the respondent to justify the condonation of delay.

In the first case (C.A. No. 4649 of 2006), the delay of 720 days was condoned subject to the appellant paying a deposit of Rs. 1,00,000 as cost to the respondent within six weeks from the date of the order. Failure to comply would result in dismissal of the appeal and affirmation of the impugned order.

Similarly, in C.A. No. 141 of 2007, the Court condoned the delay of 650 days on the condition that the appellant pays Rs. 1,00,000 as cost to the respondent within the specified time frame. Non-compliance would lead to dismissal of the appeal and rejection of the application for condonation of delay.

In C.A. No. 4975 of 2006, the Court allowed the condonation of a delay of 870 days, contingent upon the appellant paying a deposit of Rs. 1,25,000 as cost to the respondent within six weeks. Failure to adhere to this condition would result in dismissal of the appeal and affirmation of the impugned order.

Furthermore, in C.A. No. 4687 of 2006, the delay of 700 days was condoned with the requirement of the appellant paying a sum of Rs. 1,00,000 as cost to the respondent within the specified time frame. Failure to comply would lead to dismissal of the appeal and affirmation of the impugned order.

Lastly, in C.A. No. 2289 of 2007, the Court decided to condone the delay of 998 days upon the appellant paying a deposit of Rs. 1,25,000 as cost to the respondent within six weeks from the date of the order. Non-compliance would result in dismissal of the appeal and affirmation of the impugned order.