BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Date : 25.3.2019 Misc. Application No.402 of 2018 And Appeal No.457 of 2018

1. Gangotri Textiles Limited 25-A, Venkatachalam Co-op. Colony, R.S. Puram, Coimbatore-641002.

2. Manoj Kumar Tiberewal 401, Belleza Apartment, 258 Alagesan Road, Saibaba Colony Post, Coimbatore-641011, Tamil Nadu

3. Anita Tibrewal 401, Belleza Apartment, 258 Alagesan Road, Saibaba Colony Post, Coimbatore – 641011, Tamil Nadu

4. Mayank Tibrewal 401, Belleza Apartment, 258 Alagesan Road, Saibaba Colony Post, Coimbatore – 641011, Tamil Nadu

5. Umang Tibrewal 401, Belleza Apartment, 258 Alagesan Road, Saibaba Colony Post, Coimbatore – 641011, Tamil Nadu ….. Appellants

Versus National Stock Exchange of India Ltd. Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Badra (E), Mumbai-400051. ..… Respondent Ms. Rishika Harish, Advocate with Ms. Nirali Mehta, PCS i/b. Mindspright Legal for the Appellants. Mr. Rashid Boatwalla, Advocate with Ms. Shreya Anuwal, Advocate i/b. Manilal Kher Ambalal & Co. for the Respondent. CORAM: Justice Tarun Agarwala, Presiding Officer Dr. C.K.G. Nair, Member Justice M.T. Joshi, Judicial Member Per : Justice Tarun Agarwala (Oral)

1. We have heard learned counsel for the parties. Two orders

have been challenged in this appeal. There is a delay of 436 and 174 days respectively in questioning the veracity and legality of the orders dated 5th July, 2017 and 26th March, 2018. The grounds urged are that the appellants are based in Coimbatore and it took them some time to engage an Advocate in Mumbai for the purpose of filing the appeal. Further, the company was facing a financial crisis and it took some time to arrange the necessary funds.

2. In support of this contention an additional affidavit has also

been filed indicating that the net worth of the company eroded during the financial year 2012-13 as a result the company became a sick industry and eventually the unit of the company was sold and the functioning of the company had come to a standstill.

3. In the light of the aforesaid, we find that adequate reasons

have been indicated in the application. Sufficient cause has been shown and consequently the application is allowed. The delay in filing the appeal is condoned subject to payment of cost which we compute at Rs.50,000/-. The said amount shall be deposited before the Registrar of this Tribunal within a period of four weeks.

3. List for admission on 20th May, 2019.

Sd/- Justice Tarun Agarwala Presiding Officer Sd/- Dr. C. K. G. Nair Member Sd/- Justice M.T. Joshi Judicial Member 25.3.2019 Prepared and compared by RHN