SAT directs appellant to deposit fine under protest and file a plea for waiver of fine

Case Details: Dish TV India Ltd. v. BSE Ltd. - [2022] 137 taxmann.com 326 (SAT- Mumbai)

Judiciary and Counsel Details

• • Justice Tarun Agarwala, Presiding Officer and M.T. Joshi, Judicial Member
  • Zal Andhyarujina, Sr. Adv., H.S. Chandhoke, Abdullah Hussain, Ms. Maithili Parekh, Ms. Nidhi Singh, Rugved More, Ms. Neha Mehta, Ms. Astha Singh, Ms. Tanya Mehta and Rishabh Vohra, Advs. for the Appellant. 
  • Pesi Modi, Sr. Adv., Manish Chhangani, Ravi Shekar Pandey, Advs., Shyam Mehta, Sr. Adv., Rashid Boatwalla and Dhruv Jadhav, Advs. for the Respondent.

Facts of the Case

In the instant case, an appeal was filed against the orders of the Bombay Stock Exchange Limited (BSE) and by the National Stock Exchange of India Limited (NSE) whereby fines were imposed on the appellants for non-compliance with various provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR) as per the Circular dated January 22, 2020.

SAT Held

On appeal, the SAT held that the appellants should deposit the fine under protest and file a representation for revocation of the fine and/or for waiver of the fine for the reasons stated in the application. Further, it was held that if such an application is filed, then BSE and NSE will consider the matter and pass appropriate orders and, if necessary, provides an opportunity of being heard to the appellants.