Securities Appellate Tribunal
Manju Shivkrishna Damani & Others vs SECURITIES AND EXCHANGE BOARD OF INDIA on 3 November 2026
IN THE SECURITIES APPELLATE TRIBUNAL
AT MUMBAI
Date: 03.11.2026
Appeal No. 386 of 2026
[Along with Misc. Application Nos. 1082 and 1083 of 2026]
Manju Shivkrishna Damani and Ors. …Appellants
Versus
Securities and Exchange Board of India …Respondent
Mr. Kunal Katariya, Advocate with Mr. Atul Agrawal and Mr. Vineet Jadhav, Advocates i/b Mr. Atul Agrawal, Advocate for the Appellants.
Mr. Sumit Rai, Advocate with Mr. Ravishekhar Pandey and Ms. Avani Bhore, Advocates i/b Agama Law Associates for the Respondent.
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ORDER:
Appellants have challenged the communication dated 07.05.2026, interim order dated 22.08.2023 and the confirmatory order dated 28.02.2024, restraining them from disposing of the equity shares of Brightcom Group Limited (‘BGL’ for short).
2. We have heard Mr. Kunal Katariya, learned advocate for the appellant and Mr. Sumit Rai, learned advocate for the respondent.
3. Mr. Katariya submitted that the appellant No.2 is the son of appellant No.1. Appellant No.1 passed away on 29.09.2026. Appellant No.2 is the sole surviving heir of appellant No.1. The matter pertains to the issuance of preferential shares of BGL. Some shares of BGL were allotted to appellant No.1’s husband, who was also a noticee in the ex parte order. In the confirmatory order dated 28.02.2024, SEBI has revoked the directions contained in the interim order qua first appellant’s husband, Late Shivkrishna Harakchand Damani. He further submitted that the appellant No.1 is also since dead, an order in parity with her husband’s case revoking the directions in the interim order may be passed.
4. On the last date of hearing, on instructions from SEBI, Mr. Sumit Rai, had submitted that if an application is filed by the appellant No.2 seeking such relief, SEBI shall consider the same in accordance with law. Today, Mr. Katariya submitted that an application will be filed within 3 days and prayed that SEBI may be directed to consider the same in a time bound manner. His submission is fair and accepted. If such application is filed, the same shall be considered in an outer limit of six weeks from the date of filing of the application. So far as the other appellants are concerned, Mr. Rai submitted that investigation is complete and in view of the SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2026, a notice for settlement shall be issued within four weeks from today. His submission is placed on record.
5. Call on December 14, 2026.
Justice P.S. Dinesh Kumar
Presiding Officer
Ms. Meera Swarup Technical Member
Dr.Dheeraj Bhatnagar Technical Member 03.11.2026 PK
PRERNA MANISH KHARE Digitally signed by PRERNA MANISH KHARE Date: 2026.11.04 16:50:04 +05'30'