Securities Appellate Tribunal
NILRATAN SUPPLIERS PRIVATE LIMITED vs Securities and Exchange Board of India on 7 September 2026
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date : 07.09.2026
Appeal No. 282 of 2026
And
Misc. Application No. 810 of 2026
Nilratan Suppliers Pvt. Ltd.
….. Appellant
Versus
Securities and Exchange Board of India
… Respondent
Mr. Kunal Katariya, Advocate i/b Mr. Tejas Gupta, Advocate for the Appellant.
Mr. Sumit Rai, Advocate with Ms. Nidhi Singh, Ms. Komal Shah, Advocates i/b Vidhii Partners for the Respondent.
Citations and Judicial Treatment
Cited by
0
Decisions in the index citing it
Cites
0
Decisions referred to
In this index
0
Of the decisions it cites
Overruled / Questioned
0
No negative treatment found
Loading the citing and cited decisions…
This judgment in the centre: on the left the decisions it cites, on the right the decisions citing it. Colour is the treatment; choose a decision to open it.
ORDER :-
1. Admit.
2. Respondent is allowed six weeks to file reply. Rejoinder, if any, within three weeks thereafter.
3. Mr. Kunal Katariya, learned advocate for the appellant submitted that appellant is alleged to be involved in sub- group 5(a) in the impugned order. He submitted that there was no ex-parte interim order against the appellant. The allegation against the appellants is that they have acted as conduit entity. Appellant undertakes to deposit full penalty amount.
4. We have heard Mr. Sumit Rai, learned advocate for SEBI.
2
5. Admitted position is, appellant was not restrained from accessing the market by the ex-parte interim order.
6. In similar cases, we have granted interim relief subject to deposit of full penalty.
7. There shall be stay of the impugned order subject to deposit of full penalty within four weeks from today and the same shall be kept in an interest bearing account.
8. Stay Application Misc. Application No. 810 of 026 is disposed of.
9. Post this appeal along with Appeal No. 238 of 2026 on December 9, 2026.
Justice P.S. Dinesh Kumar Presiding Officer
Ms. Meera Swarup Technical Member
07.09.2026 PTM MRS PRAMILA Digitally signed by MRS PRAMILA Date: 2026.09.08 13:00:25 +05'30'