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

Aditi Capital's appeal against a SAT order could not be filed within sixty days of communication because its counsel fell seriously ill, and the Supreme Court is satisfied this was sufficient cause. Aditi files on day 130 after communication. Under Section 15Z of the SEBI Act, 1992, what is the result?

The appeal cannot be admitted. Section 15Z allows the Supreme Court to permit filing only within a further period not exceeding sixty days beyond the initial sixty, so the outer limit is 120 days. Filing on day 130 exceeds it even with sufficient cause.

  1. AThe Supreme Court may condone, because the delay is within a further sixty days, giving a total of 120 days, so day 130 is also fine
  2. BThe Supreme Court cannot admit it, as day 130 is beyond sixty plus a further period not exceeding sixty daysCorrect
  3. CThe Supreme Court must admit it because sufficient cause exists, with no outer limit
  4. DThe Central Government may admit it under Section 20

Explanation

The proviso lets the Supreme Court allow filing within a further period not exceeding sixty days if sufficient cause is shown. The outer limit is therefore 60 + 60 = 120 days from communication. Day 130 exceeds it, so condonation is not possible despite sufficient cause. Option one miscounts 120 as covering 130, and Section 20 is not relevant to SAT orders.

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