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

Kaveri Agro Ltd was served a copy of a SEBI Board order on 10 January. Because its compliance officer was hospitalised, it filed an appeal before SAT on the 60th day after receipt, with an application explaining the delay. What is the position under section 15T of the SEBI Act, 1992?

SAT may entertain the late appeal if it is satisfied that sufficient cause prevented filing within the 45 days. The proviso to section 15T(3) confers this discretion, and it does not require SEBI's permission or fix a short outer limit for condonation.

  1. AThe appeal is barred absolutely because 45 days have expired
  2. BSAT may entertain the appeal if it is satisfied that there was sufficient cause for not filing within 45 daysCorrect
  3. CSAT may entertain it only if the delay is not more than 15 days
  4. DSAT may entertain it only with prior permission of SEBI

Explanation

The proviso to section 15T(3) allows SAT to entertain an appeal after 45 days if it is satisfied there was sufficient cause for the delay. The section fixes no cap of 15 days for condonation and requires no SEBI permission. Hospitalisation of the responsible officer is a matter SAT can weigh as sufficient cause.

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