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2019 (11) TMI 1553 - SECURITIES APPELLATE TRIBUNAL, MUMBAICondonation of delay - Appeal against order of delisting - delay of 316 days in filing the present appeal - HELD THAT:- Against an order of delisting, an appeal is required to be filed within 15 days under section 21A of the Securities and Exchange Board of India Act, 1992 or within 45 days under section 23L. We find from the record that the trading of the shares of the Company was suspended in August, 2016 and, therefore, it is apparently clear that that the appellant was not interested in the delisting order as it did not prefer to file an appeal within 15 days under section 21A or within 45 days under section 23L. For the appellants it was not a case of urgency. Contention that the impugned order was never served upon the appellant is misconceived. According to the appellant they came to know of the order on 2nd June, 2018 and received the requisite documents which they applied on 4th July, 2018. The appeal could have been filed immediately thereafter but they did not do so and only filed after an inordinate delay of 316 days. In the additional affidavit no proof has been filed to show that the officer who was in charge had gone on leave or that the Company was in correspondence with the stock exchange throughout. In the absence of any documentary proof, the ground urged in the additional affidavit is devoid of any merit and is an afterthought. On a perusal of the affidavit we do not find any sufficient cause or plausible cause show by the appellant. The ground given by the appellant is patently vague and does not imply the presence of any legal and/or adequate reasons. No doubt the Tribunal is possessed with exercise of judicial discretion in condoning the delay after sufficient cause and/or adequate reason is given. In the instant case, we find that no bona fide reasons had been given for condoning the inordinate delay.
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