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

SAT dismisses an appeal by Arvind Textiles Ltd. against a SEBI penalty order. Arvind wishes to appeal to the Supreme Court arguing that SAT wrongly assessed the factual evidence about the quantum of unlawful gain. Which statement is correct under Section 15Z?

The appeal to the Supreme Court lies only on a question of law arising out of the SAT order. Arvind's complaint about how factual evidence on unlawful gain was assessed is a factual dispute, so it does not by itself qualify under Section 15Z.

  1. AThe appeal lies on any ground, including facts, as of right
  2. BThe appeal lies only on a question of law arising out of the SAT order, so a pure challenge to factual findings is not coveredCorrect
  3. CThe appeal lies only if SEBI itself consents
  4. DThe appeal lies only to the High Court, not the Supreme Court

Explanation

Section 15Z confines the appeal to any question of law arising out of the SAT order. A mere disagreement over appreciation of facts does not raise such a question. The other options add conditions or a forum not found in the section.

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