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Cab Securities Limited v. National Stock Exchange of India Limited

Civil Appeal · 2020 INSC 200Decided 17 Feb 2020
Civil Appeal Diary No. 1651 of 2020
Justice Arun Mishra · Justice M.R. Shah

Background

Cab Securities Limited challenged a final order dated 24 September 2019 passed against it by the Securities Appellate Tribunal (SAT), Mumbai, by filing an appeal (with an application for condonation of delay and a stay application) directly before the Supreme Court.

Decision Breakdown

The Supreme Court condoned the delay in filing the appeal but, on examining the matter, found no ground to interfere with the Tribunal's order. The appeal was accordingly dismissed, along with any pending applications, through a short reasoned order: this is a genuine, final disposal of the appeal on its merits, even though the order itself is brief because the Court found the Tribunal's reasoning did not warrant interference.

Lesson Learnt

The Supreme Court will not disturb a Securities Appellate Tribunal's order simply because an appeal is filed: an appellant must show a concrete legal error in the Tribunal's reasoning, and a bare request to reconsider the facts is not enough to succeed before the Supreme Court.

Official source (sci.gov.in)View Judgment (PDF)

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