Securities Appellate Tribunal
emerging egde vs Whole Time Member Securities and Exchange Board of India & Others on 28 September 2026
IN THE SECURITIES APPELLATE TRIBUNAL AT
MUMBAI
DATED THIS THE 28TH DAY OF SEPTEMBER, 2026
CORAM : Justice P. S. Dinesh Kumar, Presiding Officer Ms. Meera Swarup, Technical Member Dr. Dheeraj Bhatnagar, Technical Member
Appeal No. 315 of 2026
And
Misc. Application No. 872 of 2026
And
Misc. Application No. 876 of 2026
And
Misc. Application No. 941 of 2026
Between
M/s. Emerging Edge,
though its partner
Mrs. Avinisha Gupta wife of
Gautam Gupta
395, Kabir Road,
Industrial Area-A, Ludhiana.
…. Appellant
By Mr. Sandeep Wadhawan, Advocate with Mr. Gurjot Singh, Advocate for the Appellant.
And
1. Whole Time Member,
Securities and Exchange Board of India
SEBI Bhavan, Plot No. C-4A, G Block,
Bandra Kurla Complex, Bandra (East),
Mumbai - 400 051.
2. Recovery Officer,
Recovery Division,
Northern Regional Office,
Securities and Exchange Board of India
Plate B, 8th Floor,
Office Tower-1, NBCC Complex,
East Kidwai Nagar,
New Delhi – 110 023.
3. HDFC Bank
SCO 16-17,
Fortune Chambers,
Feroze Gandhi Market,
Ludhiana.
…. Respondents
By Mr. Manish Chhangani, Advocate with Mr. Sumit Yadav, Mr. Karthik K.P, Mr. Devya Shah, Advocates i/b The Law Point for the Respondent Nos. 1 and 2 (SEBI).
None for the Respondent Nos. 3 (HDFC Bank).
THIS APPEAL IS FILED UNDER SECTION 15T OF SEBI
ACT, 1992 TO SET ASIDE ORDER DATED NOVEMBER
15, 2022 (EX-A) PASSED BY RECOVERY OFFICER, SEBI.
THIS APPEAL COMING ON FOR HEARING THIS 28TH
DAY OF SEPTEMBER 2026, THIS TRIBUNAL PASSED
THE FOLLOWING:
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.
O R D E R
Per : Justice P. S. Dinesh Kumar, Presiding Officer (Oral)
At the outset, Mr. Manish Chhangani, learned advocate for the SEBI raised two preliminary objections. Firstly, that this appeal is filed with a delay of more than 1343 days. Secondly, that the appellant has not approached the Recovery Officer in accordance with Section 28A of the
SEBI Act1 read with Rule 11 of the Second Schedule of the Income Tax Act2.
2. He submitted that the Recovery Officer has all the power to adjudicate upon the such claims and without approaching the recovery officer the appellant has directly approach this Tribunal.
3. In reply, Mr. Sandeep Wadhawan, learned advocate for the appellant submitted that the appellant had approached Hon’ble Punjab & Haryana High Court in CWP- 15404-2023 (M/s. Emerging Edge v/s. M/s. HDFC Bank Limited & Ors) based on ‘no debit’ instructions given by the SEBI and as such there is no specific order passed by the SEBI. He submitted that SEBI had filed its reply in the said proceedings and subsequently, the appellant has approached this Tribunal on the premise that this appeal is maintainable.
4. After arguing for some time, Mr. Sandeep Wadhawan, learned advocate for the appellant sought leave to withdraw this appeal with liberty to approach the Recovery Officer. He prayed that a direction may be issued to the recovery officer to pass appropriate order in accordance with law. His submission is fair and accepted.
5. The appeal is dismissed as withdrawn with liberty to approach the Recovery Officer under Section 28A of the SEBI Act read with Rule 11 of the Second Schedule of the Income Tax Act. If any claim / application is filed before the 1 Securities & Exchange Board of India Act, 1992 2 Income Tax Act, 1961
Recovery Officer, the Recovery Officer shall pass orders in accordance with law as expeditiously as possible.
6. All pending interlocutory application(s), if any, disposed of.
No costs.
Justice P. S. Dinesh Kumar Presiding Officer
Ms. Meera Swarup Technical Member
Dr. Dheeraj Bhatnagar Technical Member 28.09.2026 VPM
MRS PRAMILA Digitally signed by MRS PRAMILA Date: 2026.10.05 10:48:25 +05'30'