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HC sets aside SEBI’s order rejecting NDTV’s plea of condonation of delay in filing settlement application

September 6, 2019[2019] 109 60 (Bombay)

COMPANY LAW: Applications for condonation of delay should be liberally construed. Where petitioners applications for condonation of delay in filing settlement applications were rejected by SEBI on ground that panel of whole time members did not find reasons given as sufficient, would not constitute proper reasons for dealing with applications

• Where grounds made out for condonation of delay were elaborate and sufficient , Board had committed a serious error by rejecting said grounds with one sentence that they were not found sufficient.

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