BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Date : 04.09.2023 Appeal No. 718 of 2023 Ghanshyam Pandey …Appellant Versus Securities and Exchange Board of India …Respondent Mr. Abhiraj Arora, Advocate with Mr. Deepanshu Agarwal, Advocate i/b Economic Law Practice for the Appellant. Mr. Vyom Shah, Advocate with Mr. Nitin Jain, Ms. Prapti Kedia, Mr. Ratan Singh and Mr. Anuj V.R., Advocates i/b Agama Law Associates for the Respondent. ORDER:

1. Let a reply be field by the respondent within three weeks

from today. Rejoinder to be filed within three weeks thereafter. The matter would be listed for admission on November 21, 2023.

2. Considering the facts and circumstances that has been

brought on record coupled with the fact that the Company is in the liquidation since 2019 and the appellant also resigned as Whole Time Director in 2017, we, accordingly, stay the directions given in paragraph 43.1 and 43.4 subject to the condition that penalty amount imposed upon the appellant is deposited within four weeks from today, if it has not been deposited so far.

3. This order will be digitally signed by the Private Secretary

on behalf of the bench and all concerned parties are directed to act on the digitally signed copy of this order. Certified copy of this order is also available from the Registry on payment of usual charges. Justice Tarun Agarwala Presiding Officer Ms. Meera Swarup Technical Member Digitally signed by04.09.2023 MADHUKAR MADHUKAR msb SHAMRAO SHAMRAOBHALBAR BHALBAR Date: 2023.09.05 10:19:54 +05'30'