Amrut Securities Ltd.(Now Known As ... vs Sebi

BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Date of Decision : 10.07.2019

Misc. Application No. 88 of 2019 And Appeal No. 206 of 2018 Amrut Securities Ltd. (Now known as Amrut Dredging and Shipping Ltd.) Ground Floor, Musa Building, Plot No. 34, Hirachand Marg, Ballard Estate, Mumbai - 400 035. ..... Appellant

Versus

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

Mr. J. J. Bhatt, Advocate with Ms. Hiral Shah, Advocate i/b R. V. Legal for the Appellant. Mr. Gaurav Joshi, Senior Advocate with Mr. Vivek Shah, Mr. Abhiraj Arora, Advocates i/b ELP for the Respondent.

CORAM : Justice Tarun Agarwala, Presiding Officer Dr. C. K. G. Nair, Member Justice M. T. Joshi, Judicial Member

Per : Justice Tarun Agarwala, Presiding Officer (Oral)

1.

Having heard the learned counsel for the parties, we find that

the issue involved in the present appeal is squarely covered by a 2

decision of this Tribunal dated April 26, 2019 passed in Appeal No.

282 of 2018, Vijay J. Thakkar vs. SEBI.

2. In the light of the aforesaid decision, the appeal is partly

allowed. The penalty of Rs. 16 lacs imposed upon the appellant

under Section 15HA is reduced to Rs. 5 lacs and the penalty of

Rs. 12 lacs imposed under Section 15HB is reduced to Rs. 6 lacs.

The amount deposited by the appellant pursuant to our order dated

February 28, 2019 shall be adjusted by SEBI and the excess amount

alongwith interest accrued thereon shall be refunded by SEBI to the

appellant within two weeks from the date of production of the

certified copy of our order.

Sd/-

Justice Tarun Agarwala Presiding Officer

Sd/-

Dr. C. K. G. Nair Member

Sd/-

Justice M. T. Joshi Judicial Member 10.07.2019 Prepared & Compared by PTM