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CS Professional · Drafting, Pleadings and Appearances · Adjudications and Appeals under SEBI Laws

A depository participant, Sagar Depository Services, is aggrieved by a SAT order passed in a matter arising under the Depositories Act, 1996. It receives the order on 5 June and files the appeal in the Supreme Court on 20 August, 76 days later, with an affidavit showing it was prevented by sufficient cause. Under Section 23F, what is the correct position?

The Supreme Court may admit the appeal. Section 23F allows sixty days from communication and, on sufficient cause, a further period not exceeding sixty days. The appeal filed on day 76 is only sixteen days late, so condonation is available if the cause is satisfactory.

  1. AThe appeal is barred as the limit is sixty days and no extension exists
  2. BThe Supreme Court may allow it, as the delay falls within the further period not exceeding sixty days if sufficient cause is satisfiedCorrect
  3. CThe appeal must go to the Central Government under Section 23
  4. DSAT may itself admit the appeal after sixty days

Explanation

Section 23F gives sixty days from communication, with a proviso allowing a further period not exceeding sixty days on sufficient cause. Filing on day 76 is 16 days beyond the primary period, inside the extra sixty. Section 23 relates to appeals to the Central Government against Board orders made before the 1999 amendment commencement, not to SAT orders.

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