Meera Swarup, Technical Member
1. There is a delay in the filing of the appeal. For the reasons stated in the applications, the delay is condoned. The applications are allowed.
2. Connect with Appeal No. 791 of 2023 and list on January 31, 2024.
3. Let a reply be filed by the respondent within a week. Rejoinder to be filed on or before the next date.
4. The appellants are only sellers of the scrip which they received pursuant to a scheme of amalgamation passed by the Bombay High Court. Prima facie, in the absence of any connection with the Company and its directors and promoters we find that the imposition of disgorgement and debarment on the basis that they had some connection with the purchaser appears to be arbitrary.
5. Considering the aforesaid, we stay the effect and operation of the impugned order. The stay applications are disposed of accordingly.
