Anmol India Agro-Herbal Farming And ... vs Sebi

Date of Decision: 08.06.2018

Misc. Application No. 103 of 2018 And Appeal No. 133 of 2018

1.

Anmol India Agro- Herbal Farming and Dairies Care Company Limited Neminath Paradise, Row House No. 2, 90 Ft. Road, Nr. Registration Office, Bhayander (West), Thane

2. Mohammad Umar Memon Anmol Tower, 171/A-2, Opp. Mahatma Fule School, Cement Road, Vaishali Nagar, Nagpur, Maharashtra

3. Mohammad Javed Memon Anmol Tower, 171/A-2, Opp. Mahatma Fule School, Cement Road, Vaishali Nagar, Nagpur, Maharashtra ...Appellants

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. Ramesh Gogawat, Advocate with Mr. Joby Mathew and Mr. Deepak Dhane, Advocates i/b Joby Mathew & Associates for Appellants.

Mr. Mustafa Doctor, Senior Advocate with Mr. Pulkit Sukhramani, Ms. Vidhi Jhawar and Mr. Nikhil Kapoor, Advocates i/b The Law Point for the Respondent.

CORAM: Justice J.P. Devadhar, Presiding Officer Dr. C.K.G. Nair, Member 2

Per: Justice J.P. Devadhar (Oral)

Misc. Application No. 103 of 2018

There is delay of 29 days in filing the appeal. By this

Miscellaneous Application, applicant seeks condonation of the said

delay. For the reasons stated in the application, delay is condoned.

Miscellaneous Application is disposed of accordingly.

Appeal No. 133 of 2018

1. This appeal is filed to challenge the order passed by the Whole

Time Member ("WTM" for short) of Securities and Exchange Board of

India ("SEBI" for short) on 04.12.2017. By that order representation

made by the appellants seeking time for implementation of the order

passed on 19.05.2016 has been rejected.

2. By order dated 19.05.2016 the WTM of SEBI had directed the

appellants to refund the money collected from the investors within the

time stipulated therein.

3. Challenging the said order appellants had filed Appeal No. 220 of

2016 before this Tribunal. The said appeal was disposed of on

29.08.2017 by recording the statement made by counsel for appellants

that they have refunded substantial amount to the investors and they are

ready and willing to refund the balance amounts to the investors in a time

bound manner.

3

4. Accordingly, appellants made a representation to SEBI on

25.09.2017 wherein it was stated that out of the amount of ` 141.44 crore

collected, appellants have refunded ` 103.12 crore to the investors by

way of cash/ cheque/ demand draft and in kind by delivery of products

and that the appellants are ready and willing to refund the balance

amount of ` 38.32 crore by selling the assets belonging to the appellants.

5. Finding of fact recorded in the impugned order is that the

appellants have failed to furnish particulars relating to the amount of

` 103.12 crore allegedly refunded by them to the investors. Even before

us, learned counsel for the appellants could not demonstrate the quantum

and the mode and the manner in which refunds were made in cash/ kind

by way of delivery of products. In these circumstances, findings

recorded by the WTM of SEBI that the appellants are simply delaying

and protracting compliance of the final order cannot be faulted.

6. In the result, we see no merit in the appeal and the same is hereby

dismissed with no order as to costs.

Sd/-

Justice J.P. Devadhar Presiding Officer

Sd/-

Dr. C.K.G. Nair Member 08.06.2018 Prepared & Compared By: PK