Securities and Exchange Board of India and Another v. Neptune Overseas Ltd. and Others

(Madan B. Lokur, Kurian Joseph and Deepak Gupta, JJ.)

Securities and Exchange Board of India and Another _____ Petitioner(s);

v.

Neptune Overseas Ltd. and Others __________________ Respondent(s).

Petition(s) for Special Leave to Appeal (C) No(s). 10225-10227/2012, decided on March 7, 2018

With

SLP(C) No. 9753/2012 (III)

Petition(s) for Special Leave to Appeal (C) No(s). 10225-10227/2012; LPA No. 1039/2011; CA No. 8872/2011; CA No. 8008/2011; and SLP(C) No. 9753/2012 (III)

The Order of the court was delivered by

Order

1. We have heard learned counsel for the parties.

2. In our opinion, it would be more appropriate if Respondent Nos. 1 and 2 are granted permission to file a statutory appeal before the Securities Appellate Tribunal (SAT) challenging the order dated 23^rd July, 2011.

3. Thirty days’ time is granted to the respondents to file an appeal. If the appeal is filed by the respondents within a period of thirty days from today, the Securities Appellate Tribunal will hear the appeal on merits.

4. In the meanwhile, the interim order passed by this Court on 22^nd March, 2012 will continue to the effect that any proceedings, decision or action taken in pursuance of the order dated 23^rd July, 2011 passed by the Forward Markets Commission (now SEBI) shall abide by the final result of the appeal.

5. In view of the above, the impugned judgments and orders are set aside.

6. The special leave petitions are disposed of.

7. Pending application, if any, also stands disposed of.

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