“The appellant had submitted that he had only sought the action taken/details of the proceedings and not sought details of the complaint.”: SEBI, Part 2.
For the reasons stated in the appeal, the delay in filing this appeal is condoned. Appellate Authority, Mr. Baiwar had carefully considered the application, the response and the appeal and find that the matter can be decided based on the material available on record. The respondent, in response to query numbers 1, 2, 3, 4 and 5, informed that the information sought is exempt under section 8 (1) (e) of the Right to Information Act, 2005, as the information provided by Shri M. K. Modi with regard to the irregularities done in the fair valuation of M/s Modi Industries Ltd. at the time of delisting of the shares of the company from stock exchange, is held by SEBI in fiduciary relationship. The appellant had filed an appeal on the ground that the access to the information requested was refused. The appellant, in his appeal, inter alia, submitted that he had only sought the action taken/details of the proceedings and not sought details of the complaint. Appellant Authority, Mr Baiwar had perused the application and the response provided thereto. It was noted that the appellant has sought information regarding action (if any) taken by SEBI/ copy of Show Cause Notice issued/ copy of order passed with respect to the complaint filed by Mr. M K Modi. It was found that these cannot be considered as information received by SEBI from outside source. Consequently, the requested information cannot be deemed to be held by SEBI in fiduciary capacity. Therefore, in my view, the queries require reconsideration (point-wise) by the respondent. In view of these observations, the application dated February 05, 2021 was remitted to the respondent for reconsideration and to provide appropriate response within 15 working days from the date of receipt of this order. In view of these observations, the appellate authority found no deficiency in the response.
Appeal No. 43521 BEFORE THE APPELLATE AUTHORITY Under the Right to Information Act 2005) SECURITIES AND EXCHANGE BOARD OF INDIA Appeal No. 43521 Devendra Kumar Modi CPIO SEBI Mumbai The appellant had filed an application dated February 05 2021 under the Right to Information Act 2005of the RTI Act an aggrieved person may prefer the first appeal within thirty days from the receipt of the response from the CPIO of the concerned public authority. In the instant case the impugned response from the respondent is dated February 23 2021. The appellant therefore should have filed the first appeal on or before expiry of thirty days from the date of receipt of the said response. As noted above the appellant’s first appeal is dated June 29 2021. The first appeal has been made three months after the last date permissible under the RTI Act. In this appeal the appellant requested for condonation of delay due to disturbance caused on account of COVID 19. For the reasons stated in the appeal the delay in filing this appeal is condoned. I have carefully considered the application the response and the appeal and find that the matter can be decided based on the material available on record. stock exchange: 3. Queries in the application The appellant vide his application dated February 05 2021 sought the following information regarding complaint made by Mr. M K Modi with respect to irregularities done in the fair valuation of M s Modi Industries Ltd at the time of delisting of the shares of the company from “1. Please confirm whether any action is being taken by Authority Adjudicating Authority in the said complaint. 2. If yes please provide the present status of the action taken in response to the complaints. 3. Please provide the documents details and other relevant details submitted by the company against the Show Cause Notice issued by the Authority Adjudicating authority along with Show Cause notice issued. Appeal No. 43521 4. Please provide the copies of the orders passed by the authority adjudicating authority. 5. If answer is no for Question No. 1 then please provide the reasons for not taking the action in the said complaint.” The respondent in response to query numbers 1 2 3 4 and 5 informed that the information sought is exempt under section 8(1)(e) of the RTI Act as the information provided by Shri M.K. Modi with regard to the irregularities done in the fair valuation of M s Modi Industries Ltd. at the time of delisting of the shares of the company from stock exchange is held by SEBI in fiduciary relationship. In view of the above the information 5. Ground of appeal The appellant has filed an appeal on the ground that the access to the information requested was refused. The appellant in his appeal inter alia submitted that he had only sought the action taken details of the proceedings and not sought details of the complaint. I have perused the application and the response provided thereto. I note that the appellant has sought information regarding actiontaken by SEBI copy of Show Cause Notice issued copy of order passed with respect to the complaint filed by Mr. M K Modi. I find that these cannot be considered as information received by SEBI from outside source. Consequently the requested information cannot be deemed to be held by SEBI in fiduciary capacity. Therefore in my view the queries require reconsiderationby the respondent. In view of these observations I remit the application dated February 05 2021 to the respondent for reconsideration and to provide appropriate response within 15 working days from the date of receipt of The Appeal is accordingly disposed of. ANAND BAIWAR APPELLATE AUTHORITY UNDER THE RTI ACT SECURITIES AND EXCHANGE BOARD OF INDIA this order. Place: Mumbai Date: July 23 2021 