SEBI issued an order against the directors of the Shyam and Company Ltd., a listed entity, against their failure to comply with the some of the provisions of the SEBI (LODR) Regulations, 2015 and levied penalty for the s

Answer 3(b) The recourse available to the company is to make an appeal before the Securities Appellate Tribunal (SAT). Section 15T of the Securities Exchange Board of India Act, 1992 provides that any person aggrieved, - by an order of the SEBI made, on and after the commencement of the Securities Laws (Second Amendment) Act, 1999, under this Act, or the rules or regulations made thereunder; or by an order made by an adjudicating officer under this Act or, (c) by an order of the Insurance Regulatory and Development Authority or the Pension Fund Regulatory and Development Authority, may prefer an appeal to a Securities Appellate Tribunal having jurisdiction in the matter. According to section 15T(3) of the SEBI Act, 1992, every appeal under section 15T(1) shall be filed within a period of forty-five days from the date on which a copy of the order made by the SEBI or the Adjudicating Officer or the Insurance Regulatory and Development Authority or the Pension Fund Regulatory and Development Authority, as the case may be, is received by him and it shall be in such form and be accompanied by such fee as may be prescribed : It has been provided that the Securities Appellate Tribunal 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. Section 15T(4) of the Act provides that on receipt of an appeal under section 15T(1), the SAT may, after giving the parties to the appeal, an opportunity of being heard, pass such orders thereon as it thinks fit, confirming, modifying or setting aside the order appealed against. Section 15T(5) of the Act provides that the SAT shall send a copy of every order made by it to the SEBI, or the Insurance Regulatory and Development Authority or the Pension Fund Regulatory and Development Authority, as the case may be the parties to the appeal and to the concerned Adjudicating Officer. Section 15T(6) provides that the appeal filed before the SAT under 15T (1) 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. Accordingly, Shyam and Company Ltd may prefer an appeal against the impugned order, before the Securities Appellate Tribunal.