Astha Green Energy Ventures Limited & ... vs Sebi
- CitationAppeal No. 71 of 2016
Ratio decidendi
The rule this decision rests on
The Tribunal's order rests on no principle of law. It condones a 10-day delay on the reasons stated in the miscellaneous application, which are not set out in the judgment. It then disposes of the appeal by directing SEBI to decide, within six weeks, the appellants' pending proposal on the mode and manner of refund, with liberty to apply, on the basis that the appellants accept the quantum fixed by the impugned order and dispute only the mechanism of refund. NO_RATIO: the order condones delay on unstated grounds and disposes of the appeal by consent-based directions to SEBI, stating no rule of law as the basis of decision.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date of Decision : 02.05.2016
Misc. Application No. 49 of 2016 And Appeal No. 71 of 2016
1.
Astha Green Energy Ventures Limited
2. Mr. Keshav Reddy Mereddy
3. Mr. Arjun Reddy Mereddy
4. Mr. Jayanth Reddy Mereddy
5. Mr. Kunduru Raghuveer
6. Mr. K. Jayaveer
7. Mr. N. Ram Bhupal Reddy
8. Mr. N. Jayapal Reddy
Plot No. 226, Road No. 78, Phase-III, Jubilee Hills, Hyderabad - 500 096. ...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. J.P. Sen, Senior Advocate with Mr. Vaibhav Ghogare and Mr. Vishnu Reddy, Advocates for Appellants.
Mr. Kevic Setalvad, Senior Advocate with Mr. Pulkit Sukhramani, Advocate i/b The Law Point for the Respondent.
CORAM : Justice J.P. Devadhar, Presiding Officer Jog Singh, Member Dr. C.K.G. Nair, Member
Per : J.P. Devadhar (Oral)
Misc. Application No. 49 of 2016:
By this Misc. Application appellants seek condonation of 10 days
delay in filing the appeal. For the reasons stated in the Misc. Application,
the delay is condoned. Accordingly, Misc. Application is disposed of with
no order as to costs.
2
Appeal No. 71 of 2016:-
1. Appellants are aggrieved by the order passed by Whole Time
Member ('WTM' for short) of Securities and Exchange Board of India
('SEBI' for short) on January 1, 2016. By the said order appellants are
directed to refund Rs. 43,77,47,300/- collected pursuant to the allotment of
shares to the allotees within a period of one year from the date of the said
order with interest at the rate of 15% per annum from the date of receipt of
money till refund.
2. It is not in dispute that the appellants with a view to implement the
aforesaid order have submitted a proposal on March 10, 2016 to the WTM
of SEBI setting out the mode and the manner of refunding the amount to the
allotees.
3. Admittedly, the said proposal is pending before the WTM of SEBI.
4. Since the appellants are agreeable to refund the amount as quantified
in the impugned order and only the mode and the manner of refund as
suggested in the proposal is required to be approved by SEBI, we direct
SEBI to dispose of the proposal of the appellant dated March 10, 2016
within a period of 6 weeks from today. Liberty to apply.
5. In view of the above, nothing survives in the appeal.
6. Appeal is accordingly disposed of in the above terms with no order as
to costs.
Sd/-
Justice J.P. Devadhar Presiding Officer Sd/-
Jog Singh Member
Sd/-
Dr. C.K.G. Nair Member 02.05.2016 Prepared and compared by:
msb
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