Ankur Chaturvedi vs Sebi

Misc. Application No. 177 of 2015 And Appeal No. 257 of 2015

Ankur Chaturvedi 204, Sterling Centre, R.C. Dutt Road, Alkapuri, Vadodara - 390007. ...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

WITH Misc. Application No. 178 of 2015 And Appeal No. 258 of 2015

M/s Brijlaxmi Leasing and Finance Ltd. 213, Anjani Complex, Parera Hill Road, Off. Andheri Kurla Road, Andheri (E), Mumabi - 400 099. ...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. B.M. Chatterji, Senior Advocate with Ms. Shilpa Goel, Advocate i/b Juris Link for the Appellant in Appeal Nos. 257 & 258 of 2015.

Mr. Kumar Desai, Advocate with Mr. Tomu Francis, Advocate for the Respondent in Appeal Nos. 257 & 258 of 2015.

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

Per : J.P. Devadhar (Oral) 2

1.

Appellants in these two appeals (along with respective Miscellaneous

Applications seeking condonation of delay) have challenged the demand

notice cum attachment order levied by Securities and Exchange Board of

India ('SEBI' for short) on the assets belonging to the appellant on

September 26, 2014. The demand and the consequent attachment arises out

of two orders passed by the Adjudicating Officer ('AO' for short) of SEBI

both dated January 11, 2010.

2. It is relevant to note that prior to the demand notice cum attachment

order dated September 26, 2014, the appellants had tendered to SEBI the

amount of penalty imposed under the respective orders by demand draft /

post dated cheques. Admittedly, SEBI has encashed the demand draft and

one cheque and returned the remaining cheques and thereafter issued the

demand notice cum attachment order.

3. Although the two appeals are filed to challenge the demand notice

cum attachment order on various grounds, counsel for the appellants at the

outset tendered two cheques towards the balance amount of penalty

recoverable under the two orders both dated January 11, 2010 and requested

that SEBI be directed to accept the said amounts in full and final settlement

of the claims under the two orders both dated January 11, 2010.

4. In view of the fact that the appellants had tendered the amount of

penalty imposed under two orders both dated January 11, 2010 even before

the demand notice cum attachment order was issued and it is the SEBI

which had not encashed the post dated cheques furnished by the appellants,

in the facts of present case, we direct SEBI to accept the amounts tendered

by the appellants in full and final settlement of the claim under two orders

both dated January 11, 2010.

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5. With a view to enable SEBI to encash the two cheques tendered by

the appellants, we extend the attachment levied by SEBI for a period of two

weeks from today. On realization of the said two cheques SEBI shall

forthwith lift the attachment levied on the assets belonging to the appellants.

If any of the two cheques are returned by the bankers, then SEBI is

permitted to move this Tribunal seeking appropriate reliefs in the matter.

6. Both the appeals as also the Miscellaneous Applications filed

thereunder are disposed of in the above terms with no order as to costs.

Sd/-

Justice J.P. Devadhar Presiding Officer

Sd/-

Jog Singh Member 02.02.2016 Prepared and compared by:

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