Appeals withdrawn with liberty to file fresh appeals incorporating necessary amendments.

Five appeals were filed under Section 15T of the Securities and Exchange Board of India Act, 1992, challenging the Adjudicating Officer’s order dated 6 May 2026.

The appellants were Albula Investment Fund Ltd., Asia Investment Corporation Mauritius Ltd., LTS Investment Fund Ltd., Cresta Fund Ltd., and APMS Investment Fund Ltd.

During the hearing, counsel for the appellants submitted that they wished to amend the appeals and sought permission to withdraw them with liberty to file fresh appeals incorporating the necessary amendments.

Whether the appellants should be permitted to withdraw the appeals with liberty to file fresh appeals after incorporating the proposed amendments.

Whether the pending interlocutory applications should be disposed of upon withdrawal of the appeals.

The appeals were instituted under Section 15T of the SEBI Act, 1992, which provides for an appeal to the Securities Appellate Tribunal against specified orders of SEBI authorities.

The Tribunal applied the procedural principle that an appellant may be permitted to withdraw proceedings with liberty to institute fresh proceedings when the withdrawal is sought to enable necessary amendments, subject to the Tribunal’s discretion.

The Tribunal accepted the appellants’ stated reason for withdrawal—namely, the desire to amend the appeals and incorporate necessary pleadings.

Since the request was made by counsel on behalf of the appellants and no opposition or prejudice was recorded, the Tribunal exercised its procedural discretion to grant withdrawal with liberty to file fresh appeals.

As the principal appeals were withdrawn, the connected interlocutory applications no longer survived and were consequently disposed of.

All connected interlocutory applications were disposed of, and there was no order as to costs.