Action Financial Services (India) Ltd. vs Sebi

Date of decision: 08/03/2016

Appeal No.325 of 2014

Action Financial Services (India) Ltd. having registered office at 46/47, Rajgir Chambers, 6th Floor, 12/14, Shahid Bhagat Singh Road, Fort, Mumbai - 400 023. ...Appellant

Versus

Securities & Exchange Board of India SEBI Bhavan, Plot No.C-4A, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. ... Respondent

Ms. Poonam Gadkari, Advocate i/b Juris Matrix for the Appellant.

Mr. Kumar Desai a/w Mr. Tomu Francis, Advocates for the Respondent.

CORAM : Justice J.P. Devadhar, Presiding Officer Jog Singh, Member

Per : Justice J.P. Devadhar (Oral)

1.

In the light of the judgment of Apex Court in the case of SEBI vs.

Roofit Industries Ltd., reported in (2016) 194 Comp. Cas.186 (S.C.), Counsel

for the Appellant states that she has instructions to withdraw the Appeal and

requests for four months' time to pay the amount of penalty imposed under

the order which is impugned in this Appeal.

2. Counsel for SEBI submits that as in other cases, the Appellant herein

may be given three months time to pay the penalty.

3. In the facts of present case, while permitting the Appellant to

withdraw the Appeal, we direct the Appellant to pay the amount of penalty -2-

imposed under the order which is impugned in this Appeal within a period

of four months from today.

4. If the amount of penalty imposed under the impugned order is paid by

the Appellant within the time stipulated herein, then SEBI shall accept the

same in discharge of the entire claim under the impugned order.

5. The Appeal is disposed of in the above terms with no order as to costs.

Sd/-

Justice J.P. Devadhar Presiding Officer

Sd/-

Jog Singh Member

08/03/2016 prepared & compared by-ddg