Securities Appellate Tribunal
Gaurav Gupta & Ors. vs SEBI on 8 September 2026
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date : 08.09.2026
Misc. Application No. 812 of 2026
In
Misc. Application No. 813 of 2026
In
Appeal No. 419 of 2025
Gaurav Gupta & Ors.
…Appellants
Versus
Securities and Exchange Board of India
…Respondent
Mr. Saurabh Bachhawat, Advocate for the Applellant.
Mr. Sumit Rai, Advocate with Mr. Mihir Mody, Mr. Vijay Chockalingam, Mr. Sudhanshuman Naruka and Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
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ORDER:
Urgency application has worked for itself. Misc. Application No. 813 of 2026 is disposed of.
2. The Misc. Application No. 812 of 2026 is filed seeking modification of the interim order dated 18.09.2025. The application is opposed by the respondent.
3. Admitted position is, on 18.09.2025, we have granted an interim order for stay of recovery subject to deposit of 50% of the penalty and disgorgement amount. Appellant has not complied with the said order. He has approached this Tribunal after SEBI initiated recovery proceedings.
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4. Learned Advocate for the appellant prayed that this Misc. Application may be considered by taking a lenient view.
5. It is settled that orders of the Court/Tribunal must be complied with unless modified or set aside. Admittedly, appellant has remained complacent after obtaining the interim order and approached this Tribunal only after initiation of recovery proceedings. Therefore, the application lacks bona fides. It is also settled that the courts shall not come to the aid of such litigants who do not respect its orders.
6. Therefore, the Misc. Application No. 812 of 2026 is dismissed with no order as to costs.
Justice P.S. Dinesh Kumar
Presiding Officer
Ms. Meera Swarup Technical Member
Dr. Dheeraj Bhatnagar Technical Member 08.09.2026 msb MADHUKAR BHALBAR Digitally signed by MADHUKAR BHALBAR Date: 2026.09.09 13:18:47 +05'30'