{"id":225166,"date":"2020-02-04T13:00:46","date_gmt":"2020-02-04T07:30:46","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=225166"},"modified":"2020-02-14T11:28:45","modified_gmt":"2020-02-14T05:58:45","slug":"sat-tribunal-finds-no-reason-to-continue-impugned-order-due-to-the-appeal-not-involving-a-factual-controversy-quashes-impugned-order","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2020\/02\/04\/sat-tribunal-finds-no-reason-to-continue-impugned-order-due-to-the-appeal-not-involving-a-factual-controversy-quashes-impugned-order\/","title":{"rendered":"SAT | Tribunal finds no reason to continue impugned order due to the appeal not involving a factual controversy; quashes impugned order"},"content":{"rendered":"<p style=\"text-align: justify;\"><b>Securities Appellate Tribunal (SAT):<\/b> A Two-Member Bench of Justice Tarun Agarwala (Presiding Officer) and Justice M.T. Joshi (Judicial Member) quashed the order passed by the Adjudicating Officer which restrained the appellant from accessing the securities market for three years.<\/p>\n<p style=\"text-align: justify;\">In the present case, the appeal has been filed against the order passed by the Adjudicating Officer which imposed fine and restriction for violation of Regulations 3(a), (b), (c), (d) and 4(2)(d) and (e) of the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003. It was alleged that the appellant had indulged in fraudulent dealings in the shares of Shreekrishna Biotech Limited. Proceedings under Section 11B were initiated in pursuance of the stated fraudulent dealings by the Whole Time Member (WTM) and a restraining order was passed. For the same fraudulent dealings and for the same investigation period the Adjudication proceedings were also initiated under Section 15I and on the same charges the impugned order was passed. The appellate had filed an appeal before the present tribunal. The tribunal had set aside the order of the WTM and the appeal was allowed.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\">The Tribunal, upon perusal of the issues involved in the present appeal, stated that since it had already allowed the appeal of the appellant against the order of the WTM and the issue involved being the same as admitted by the respondents as well, it does not see any reason for the continuation of the impugned order. It also stated that as no factual controversy is involved, the appeal is being decided at the admission stage itself and the impugned order of WTM is quashed. [Vipul Mohan Joshi v. SEBI, <a href=\"http:\/\/www.scconline.com\/DocumentLink\/OU7rFMNR\"><b>2019 SCC OnLine SAT 251<\/b><\/a>, decided on 30-12-2019]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Securities Appellate Tribunal (SAT): A Two-Member Bench of Justice Tarun Agarwala (Presiding Officer) and Justice M.T. Joshi (Judicial Member) quashed the order <\/p>\n","protected":false},"author":8808,"featured_media":209781,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[31614,39474,39475],"class_list":["post-225166","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-adjudication-proceedings","tag-factual-controversy","tag-fraudulent-dealings"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SAT | Tribunal finds no reason to continue impugned order due to the appeal not involving a factual controversy; quashes impugned order | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2020\/02\/04\/sat-tribunal-finds-no-reason-to-continue-impugned-order-due-to-the-appeal-not-involving-a-factual-controversy-quashes-impugned-order\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SAT | Tribunal finds no reason to continue impugned order due to the appeal not involving a factual controversy; quashes impugned order\" \/>\n<meta property=\"og:description\" content=\"Securities Appellate Tribunal (SAT): A Two-Member Bench of Justice Tarun Agarwala (Presiding Officer) and Justice M.T. 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Nair (Member), and Justice M.T. Joshi (Judicial Member) set aside the impugned order in this case. The appellant challenged an ex-parte order passed against him alleging that he was not served properly and therefore the impugned order\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":217946,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/08\/12\/sat-penalty-imposed-on-appellants-for-violation-of-scra-waived-off-by-bse-matter-remanded-for-fresh-adjudication\/","url_meta":{"origin":225166,"position":1},"title":"SAT | Penalty imposed on appellants for\u00a0violation of SCRA waived off by BSE; matter remanded for fresh adjudication","author":"Bhumika Indulia","date":"August 12, 2019","format":false,"excerpt":"Securities Appellate Tribunal (SAT), Mumbai:\u00a0Coram of Justice Tarun Agarwala, (Presiding Officer), Dr C.K.G. Nair (Member), and Justice M.T. Joshi, (Judicial Member) directed an Adjudicating Officer to look into a matter afresh since BSE waived off the penalty imposed by them on the appellants. 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T. Joshi and Dr C. K. G. Nair Member dismissed the appeal on the ground that the trading strategy used by the appellants was violative of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to the\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":243637,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/02\/10\/sat-selling-only-one-share-per-transactions-despite-having-adequate-holding-creates-false-misleading-appearance-of-trading-in-the-securities-market-and-is-violative-of-regulation-3-and-4-of-pfu\/","url_meta":{"origin":225166,"position":3},"title":"SAT |\u00a0Selling only one share per transactions despite having adequate holding creates false misleading appearance of trading in the securities market and is violative of Regulation 3 and 4 of PFUTP Regulations","author":"Editor","date":"February 10, 2021","format":false,"excerpt":"Securities Appellate Tribunal (SAT): Justice Tarun Agarwala, Presiding Officer, Dr C.K.G. Nair\u00a0 Member and Justice M.T. Joshi, Judicial Member affirmed the impugned order and allowed the appeal partly. The present appeal has been filed against the order dated August 31, 2020, passed by the Adjudicating Officer i.e. AO of Securities\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":217431,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/07\/29\/sat-parties-must-make-necessary-disclosures-within-stipulated-period-under-the-pit-and-sast-regulations-violation-shall-attract-penalty\/","url_meta":{"origin":225166,"position":4},"title":"SAT | Parties must make necessary disclosures within stipulated period under the PIT and SAST Regulations; violation shall attract penalty","author":"Bhumika Indulia","date":"July 29, 2019","format":false,"excerpt":"Securities Appellate Tribunal (SAT):\u00a0Coram of Justice Tarun Agarwala (Presiding Officer), Dr\u00a0C. K. G. Nair (Member), and Justice M. T. Joshi (Judicial Member) partly allowed an appeal for condoning the delay in making disclosures under the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992(hereinafter referred to as\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":217895,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/08\/09\/sat-additional-affidavit-filed-after-disposal-of-appeal-cannot-form-part-of-the-memo-of-appeal\/","url_meta":{"origin":225166,"position":5},"title":"SAT | Additional affidavit filed after disposal of appeal cannot form part of the memo of appeal","author":"Bhumika Indulia","date":"August 9, 2019","format":false,"excerpt":"Securities Appellate Tribunal (SAT): Justice Tarun Agarwala (Presiding Officer) and Dr C.K.G. Nair (Member) dismissed an appeal by the appellant as it was devoid of any merit The appellant, a private company, was a minority shareholder in New Delhi Television Ltd. (NDTV). With regard to non-disclosure of a tax demand\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/225166","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=225166"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/225166\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/209781"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=225166"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=225166"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=225166"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}