Miscellaneous Application - Delay Condonation

BEFORE THE SECURITIES APPELLATE TRIBUNAL, MUMBAI
MISCELLANEOUS APPLICATION NO. _______ 2019
IN
APPEAL NO. ________ OF 2019
1. JAYESHKUMAR NAROTTAMDAS GANDHI ) … Appellant No. 1
2. BHARATI JAYESH GANDHI ) … Appellant No. 2
3. DEVAL JAYESH GANDHI ) … Appellant No. 3
Vs
SECURITIES AND EXCHANGE BOARD

OF INDIA ) ...Respondent
HUMBLE APPLICATION ON BEHALF OF APPLICANT/APPELLANT
1. The Applicants/Appellants (hereinafter “the Appellants”) state that this

Appeal has been preferred under Section 15T of the Securities and
Exchange Board of India Act, 1992 (“SEBI Act”) against the Impugned
Order dated January 31, 2019 received by the Appellant on February 04,
2019 (i.e. Exhibit “A” to the Appeal).
2. The Appellants submit that this Appeal is preferred against the Order
dated January 31, 2019 passed by the Learned Whole Time Member of
the Respondent restraining the entities mentioned in the Impugned
Order from accessing the securities market for a period of four years
from the date of the order and further prohibiting them from buying,
selling or otherwise dealing in securities, directly or indirectly, or being
associated with the securities market in any manner, whatsoever, for a
period of four years, from the date of the order.
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3. The Respondent has alleged that the Appellants have violated
Regulations 3(a), (b), (c), (d) and Regulations 4(1), 4(2) (a), (e) of the SEBI
(Prohibition of Fraudulent and Unfair Trade Practices Relating to
Securities Market) Regulations, 2003 ( “PFUTP Regulations”).
4. The Appellant No. 1 is an individual and has been investing in securities

market for past 30 years, Appellant No.2 is a home maker and Appellant
No. 3 is employed in one of the very reputed private companies. The
Appellants are connected to each other by virtue of being family
members, i.e. husband, wife and son; having address at B/403, 7 Star
Apartments, Jairaj Nagar, Borivali (West), Mumbai- 400 094.
5. As per the provisions of the Section 15T of the SEBI Act, the Appellants
are required to prefer an appeal before the Hon’ble Securities Appellate
Tribunal within 45 days from the date of receipt of an order. The present
appeal is filed in _______ days from the date of receipt of the Impugned
Order; hence there is delay of ________ days in filing the appeal. The
said Application is being filed by the Appellant for seeking condonation
of delay in filing the present Appeal.
6. The Appellants state that they had received two show cause notices in
quick succession, dated July 28, 2017 and August 07, 2017 in the matter
of Shree Shaleen Textiles Limited and Grandma Trading and Agencies
Limited respectively. Subsequently, the personal hearing in both the
matters was also held within a span of one week only. At that point of
time the Appellant No. 1 suffered a cardiac arrest and was admitted to
the Asian Heart Institute, BKC. The doctor had recommended a bypass
surgery, however, due to financial constraints the Appellant No. 1
decided to go for stents.
7. The Appellant no. 1 had a medical history of high diabetes; hypertension

and one of his kidneys is not functional due to past episode of acute
pyelonephritis, due to which the recovery took a prolonged time. The
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Appellant No. 1 was still recovering and suddenly orders were passed in
both the matters on the same day, i.e. on January 31, 2019.
8. Despite all the hardships, the Appellants preferred an appeal against the
order passed in the matter of Shree Shaleen Textiles Limited within the
stipulated time on March 20, 2019. In the process, the Appellant had
consulted different number of advisors, which took some time. Thus,
finding and coordinating with advisors, drafting, finalizing the present
Appeal, constant ill health of Appellant no. 1 and the financial problems
being faced, the preparation of this Appeal took some time, which
resulted in a short delay of __________ days in filing the Appeal. .
9. The memorandum of Appeal sets out the grounds challenging the

Impugned Order. The Impugned Order has been challenged on several
grounds. The Applicant is advised and believes that the Appellant has
good chances of succeeding in the Appeal.
10. The Appellants submit that failure to file the Appeal within the time
prescribed therefore was not intentional but due to factors which are
genuine and beyond the control of the Appellants.
11. The Appellant submits that irreparable loss and injury would be caused
to the Applicant if the delay in filing the Appeal is not condoned and the
chance of challenging the Impugned Order is thereby denied.
12. Further, the said delay in preferring the said Appeal may be condoned
by this Hon’ble Tribunal. The provisions of the aforesaid Section of SEBI
Act empower this Hon’ble Tribunal to entertain the Appeal if there
appears to be sufficient cause for not filing it within the limitation
period.
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13. The Appellants therefore pray that:
a) The delay of ______ days in filing the Appeal be condoned.
b) Any other relief as the nature and circumstances may require.
Jayeshkumar Narottamdas Gandhi

Appellant No. 1
BharatiJayesh Gandhi
Appellant No. 2
DevalJayesh Gandhi
Appellant No. 3
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VERIFICATION
We, Appellant No. 1 to 3 above named, do hereby verify that the contents of
abovesaid paragraphs are true to our personal knowledge and belief and that
we have not suppressed any material facts.
Jayeshkumar Narottamdas Gandhi

Appellant No. 1
Bharati Jayesh Gandhi

Appellant No. 2
DevalJayesh Gandhi
Appellant No. 3
Place: Mumbai
Date: 11/04/2019.

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BEFORE THE SECURITIES APPELLATE TRIBUNAL, MUMBAI

MISCELLANEOUS APPLICATION NO. _______ 2019

APPEAL NO. ________ OF 2019

1. JAYESHKUMAR NAROTTAMDAS GANDHI ) … Appellant No. 1

2. BHARATI JAYESH GANDHI ) … Appellant No. 2

3. DEVAL JAYESH GANDHI ) … Appellant No. 3

SECURITIES AND EXCHANGE BOARD

HUMBLE APPLICATION ON BEHALF OF APPLICANT/APPELLANT

1. The Applicants/Appellants (hereinafter “the Appellants”) state that this

4. The Appellant No. 1 is an individual and has been investing in securities

7. The Appellant no. 1 had a medical history of high diabetes; hypertension

9. The memorandum of Appeal sets out the grounds challenging the

a) The delay of ______ days in filing the Appeal be condoned.

b) Any other relief as the nature and circumstances may require.

Jayeshkumar Narottamdas Gandhi

Jayeshkumar Narottamdas Gandhi

Bharati Jayesh Gandhi

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