Sudeb Ghosh vs Securities And Exchange Board Of India

Tarun Agarwala, Presiding Officer

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

We have heard the learned counsel for the parties. Admittedly, an ex parte order has been passed against the appellant Sudeb Ghosh. It is alleged that the PAN of the appellant was used for the purpose of the trades executed by M/s. Kusum Traders who has been arrayed as a noticee and an ex parte order has been passed against M/s. Kusum Traders but the bank accounts of the appellant was attached and some money is alleged to have been withdrawn from the account of the appellant.

Considering the fact that there is a statement of Mr. Devesh Upadhyaya who has made a statement before the Income Tax Authorities that he was trading exclusively on behalf of M/s. Kusum Traders coupled with the fact that there is a serious allegation of misuse of the PAN of the appellant and coupled with the fact that an ex parte order has been passed, we set aside the impugned order and remit the matter to the Adjudicating Officer (‘AO’ for short) to decide the matter afresh in the light of the observation made above. The AO will consider the fact as to whether the appellant is the sole proprietor in M/s. Kusum Traders or not.

The appeal is allowed. The appellant shall appear before the AO on March 13, 2023 and from there onwards the matter will proceed in accordance with law.

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.