Tribunals and CommissionsDivision Bench(2022) 06 SEBI CK 0060

Anand Sarnaik And Others vs Securities And Exchange Board Of India

Securities Appellate Tribunal Mumbai · Decided on 1 June 2022

HON’BLE JUDGES
Tarun Agarwala Presiding Officer · Meera Swarup, Member
RESULT
Dismissed
CASE NUMBER
Miscellaneous Application No. 396 Of 2022, Appeal No. 240 Of 2022

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Judgment

6 paragraphs · 219 words

Tarun Agarwala, Presiding Officer

1.

This Court while deciding the appeal on July 23, 2019 had reduced the fine from Rs. 40 lacs to Rs. 30 lacs in spite of which the amount has not been paid. Now, a notice of demand and attachment notice dated April 20, 2021 and May 31, 2021 respectively has been challenged in the present appeal.

2.

For the reasons stated in the application, the delay in the filing of the appeal is condoned. The application is allowed.

3.

Having heard the learned counsel for the appellants, we do not find any reason to interfere in the notice of demand and / or the attachment notice since admittedly, even the reduced amount of Rs. 30 lacs which has been upheld by the Hon’ble Supreme Court of India by its order dated November 25, 2019 has not as yet been deposited. Thus, there is no equitable relief in favour of the appellant that can be granted at this stage.

4.

The appeal is misconceived and is dismissed.

5.

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.