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

Arjun Depository Participants Ltd wishes to appeal under section 23 of the Depositories Act, 1996 against an order of the Board. Which statement about the appeal is correct?

The appeal must be made in the prescribed form and accompanied by a copy of the order appealed against and the prescribed fees. Section 23(3) of the Depositories Act imposes this, and the appellant must also be given a reasonable hearing before disposal.

  1. AThe appeal must be accompanied by a copy of the order appealed against and by the prescribed fees, in the prescribed formCorrect
  2. BNo copy of the order need be attached if the appellant states its substance
  3. CThe appeal can be disposed of without hearing the appellant if the facts are undisputed
  4. DThe procedure for disposal is fixed by the depository's bye-laws

Explanation

Section 23(3) requires every appeal to be in the prescribed form and accompanied by a copy of the order and prescribed fees. Section 23(4) requires a reasonable opportunity of being heard before disposal, and procedure is as prescribed, not set by bye-laws.

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