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2014 (6) TMI 900 - AT - Companies LawPenalty u/s 15HB & Section 15A(a) of SEBI Act, 1992 - Charges of trading as sub-broker with out registration - Non compliance of summons - Gross abuse of the process of law - Disregard the Apex court order - Held that - In this case while permitting withdrawal of Civil Appeal filed against order of this Tribunal dated December 12, 2013 2013 (12) TMI 1475 - SECURITIES APPELLATE TRIBUNAL MUMBAI the Apex Court on February 24, 2014 had permitted the appellant to file an application before this Tribunal along with documents which could not be placed before this Tribunal while passing order on December 12, 2013 2013 (12) TMI 1475 - SECURITIES APPELLATE TRIBUNAL MUMBAI . It is not possible to consider the appeal filed by appellant as application filed pursuant to Apex Court order dated February 24, 2014, because as per that order appellant was required to annex new documents which were not placed before this Tribunal in the earlier proceedings. Since no new documents are annexed to the present appeal, it cannot be treated as application filed pursuant to the order passed by the Apex Court. The appeal is filed in gross abuse of the process of law and by completely disregarding the directions contained in the Apex Court order dated February 24, 2014 we have no option but to dismiss the appeal. - Decided against the appellant.
Issues:
Jurisdiction of the Tribunal to set aside its own decision under Section 15Y(1)(b) of SEBI Act, 1992; Misconception regarding appeal process against Tribunal's order under SEBI Act. Analysis: The judgment delivered by the Appellate Tribunal focused on the jurisdictional aspect and the correct legal process for challenging its own decisions under the SEBI Act, 1992. The primary issue addressed was the misconception held by the appellant regarding the jurisdiction of the Tribunal to set aside its decision under Section 15Y(1)(b) of the SEBI Act. The Tribunal clarified that Section 15Y(1)(b) does not exist under the SEBI Act, and Section 15Y actually prohibits Civil Courts from entertaining suits against the Tribunal's orders. The Tribunal emphasized that appeals against its orders should be directed to the Apex Court as per Section 15Z of the SEBI Act. The judgment highlighted a specific case where the appellant disregarded the directions of the Apex Court order dated February 24, 2014. The Apex Court had permitted the appellant to file an application with new documents before the Tribunal, which were not presented during the earlier proceedings. However, instead of following the Apex Court's directive, the appellant filed a fresh appeal claiming the Tribunal's jurisdiction to set aside its decision. The Tribunal noted that the appellant failed to annex any new documents as required by the Apex Court, rendering the appeal as a clear abuse of the legal process. In conclusion, the Tribunal found the appellant's appeal to be filed in gross abuse of the legal process and in complete disregard of the Apex Court's directions. Due to the misconceived understanding of the appeal process against the Tribunal's decision under the SEBI Act, the Tribunal had no choice but to dismiss the appeal. The judgment concluded by dismissing the appeal with no order as to costs, emphasizing the importance of following the correct legal procedures and respecting the directives of higher courts.
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