Gelwel Ltd, a Bombay Stock Exchange listed company, received a penalty order [dated 9th September 2024] from the stock exchange for default in compliances on 10th December 2024. Being the Company Secretary of Gelwel Ltd,

Eligibility to file an appeal: Section 23L of the Securities Contracts (Regulation) Act, 1956 stipulates that any person aggrieved by the order or decision of the recognised stock exchange or the adjudicating officer or any order made by the Securities and Exchange Board of India under or sub-section (3) of section 23-I, may prefer an appeal before the Securities Appellate Tribunal (SAT). Therefore, under this case, Gelwel Ltd. is eligible to file an appeal against the penalty order issued by Bombay Stock Exchange. Authority and time period for filing appeal: The appeal by Gelwel Ltd. should be filed with the Securities Appellate Tribunal (SAT) within a period of forty-five days from the date on which a copy of the order or decision is received by the appellant and it shall be in such form and be accompanied by such fees as may be prescribed. As the penalty order from the stock exchange was received by Gelwel Ltd. on 10th December 2024, the appeal should be filed within 45 days from the date of receipt of the order. However, the SAT may entertain an appeal after the expiry of the said period of forty-five days if it is satisfied that there was sufficient cause for not filing it within that period. Time period for disposal of appeals: Every appeal filed before the Securities Appellate Tribunal shall be dealt with by it as expeditiously as possible and endeavour shall be made by it to dispose of the appeal finally within six months from the date of receipt of the appeal.