BSP Infrastructure & Construction Ltd. (BICL) And Others vs Securities And Exchange Board Of India And Others

Tarun Agarwala, Presiding Officer

The appellants have challenged the interim order dated September 12, 2018 passed by the Whole Time Member (“WTM†for convenience) of

the Securities and Exchange Board of India (“SEBI†for convenience) whereby the appellants and other noticees were directed to refund the

money collected through the offer and allotment of Secured Redeemable Debentures, jointly and severally along with the interest @ 15% per annum.

There is a delay in filing the Appeal. For the reasons stated in the application, the delay is condoned. The Misc. Application is allowed.

However, the learned counsel for the appellants Shri Avik Sarkar stated that the appellants are willing to comply with the interim directions passed

by the WTM of SEBI. In this regard, the learned counsel has placed a letter written by an Advocate Shri Mitul Chakrabarty dated February 12, 2020

written to the Assistant General Manager, SEBI which letter is taken on record. In this letter the Advocate on instruction from his clients namely the

directors and shareholders stated that the appellants are willing to sell out the alleged secured properties for liquidating their liabilities.

In view of the aforesaid, the appeal is dismissed with no order as to costs.