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

Kaveri Brokers' appeal against a SAT order was due before the Supreme Court on 1 May, but the managing partner was hospitalised in a critical condition throughout the period, and the appeal was filed 25 days late. Under Section 15Z of the SEBI Act, what is the position?

The Supreme Court may allow the late appeal if it is satisfied that sufficient cause prevented timely filing, for a further period not exceeding sixty days. Since the delay is 25 days and illness is a plausible cause, condonation is possible under the proviso to Section 15Z.

  1. AThe Supreme Court may allow the filing if satisfied of sufficient cause, for a further period not exceeding sixty daysCorrect
  2. BThe appeal must be rejected because no delay can be condoned
  3. CThe Central Government may condone the delay on application
  4. DSAT may extend the time for filing before the Supreme Court by up to thirty days

Explanation

The proviso to Section 15Z lets the Supreme Court permit filing within a further period not exceeding sixty days if the appellant was prevented by sufficient cause. The delay of 25 days is within that limit. The Central Government route belonged to the old Section 20 for pre-1999 Board orders.

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