BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Date: 02.12.2020 Misc. Application No. 504 of 2020 (Urgency Application) And Misc. Application No. 513 of 2020 (Exemption from filing certified copy) And Misc. Application No. 514 of 2020 (Delay Application) And Appeal Lodging No. 500 of 2020 Brickwork Rating India Pvt. Ltd. …Appellant Versus Securities and Exchange Board of India …Respondent Mr. Somasekhar Sundaresan, Advocate with Mr. Abhishek Venkatraman, Mr. Harish Narasappa, Mr. Shreyansh Mehta and Mr. Ajay Kumar, Advocates i/b Samvad Partners for the Appellant. Mr. Anubhav Ghosh, Advocate i/b The Law Point for the Respondent. ORDER:

1. We have heard Mr. Somasekhar Sundaresan, learned

counsel for the appellant and Mr. Anubhav Ghosh, learned counsel for the respondent through video conference.

2. The Urgency Application is allowed.

3. The appellant will apply for a certified copy of the

impugned order which will be provided to the appellant by the respondent within five working days. The certified copy shall be filed in the registry thereafter. The Exemption Application is accordingly disposed of.

4. The delay of 4 days in filing the appeal is condoned. The

Miscellaneous Application is allowed.

5. One of the questions which arises for consideration is, as

to how to define the words “due diligence” under the Credit Rating Regulations. In the instant case, we find that a specific finding has been given that there was no malafide on the part of the appellant. Nonetheless, the performance of the appellant as a Credit Rating Agency has been seen and judged and adjudicated on the basis of the alleged default committed by him. This requires consideration. Let a reply be filed by the respondent within four weeks from today. Two weeks thereafter to the appellant to file rejoinder. The matter would be listed for admission and for final disposal on January 18, 2021.

6. In the meanwhile, if the appellant deposits a sum of Rs. 20

lakhs within four weeks from today before the respondent the balance amount shall not be recovered from the appellant during the pendency of the appeal. The amount so deposited shall be kept in an interest bearing account and would be subject to the result of the appeal.

7. Parties are directed to take instructions from the Registrar

48 hrs. before the date fixed in order to find out as to whether the matter would be taken up for hearing through video conference or through physical hearing.

8. The present matter was heard through video conference

due to Covid-19 pandemic. At this stage it is not possible to sign a copy of this order nor a certified copy of this order could be issued by the Registry. In these circumstances, this order will be digitally signed by the Presiding Officer on behalf of the bench and all concerned parties are directed to act on the digitally signed copy of this order. Parties will act on production of a digitally signed copy sent by fax and/or email. Justice Tarun Agarwala Digitally signed by TARUN AGARWAL DN: c=IN, o=PUBLIC WORKS DEPARTMENT UTTAR PRADESH, postalCode=221505, st=Uttar Pradesh, Presiding Officer TARUN 2.5.4.20=30fcf68685192bbc53e6ff1608a83fb3881de7ac2 ab7954d509c85ed6e0f7c41, serialNumber=095f8b286bb0b1cd07ff676611f4f5e79997 27d404aa38ca422f9d3529bdb8a3, cn=TARUN AGARWAL AGARWAL Date: 2020.12.02 16:03:16 +05'30' Justice M. T. Joshi Judicial Member 02.12.2020 PK