Basant Periwal & Co. Vs Sebi & Anr. vs Sebi
- CitationAppeal No. 858 of 2022
Ratio decidendi
The rule this decision rests on
The Recovery Certificate was issued despite the penalty having been paid years earlier, and the Recovery Officer has since cancelled it; the appeals are therefore infructuous and are dismissed, with the miscellaneous applications disposed of accordingly. Costs of Rs. 10,000 are imposed on the Recovery Officer, to be adjusted against any fresh Recovery Certificate issued for other amounts within six weeks, failing which the sum is payable within four weeks thereafter.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Date of Decision: 16.11.2022 Misc. Application No. 1234 of 2022 And Appeal No. 858 of 2022 Basant Periwal & Co. First Floor, DL-35, Salt Lake City, Kolkata- 700 091 ...Appellant Versus 1. Securities and Exchange Board of India, SEBI Bhavan, Plot No. C-4A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai- 400 051 2. Regional Manager, Eastern Regional Office, Securities and Exchange Board of India L&T Chambers, 3rd Floor, 16 Camac Street, Kolkata- 700 017 ...Respondents WITH Misc. Application No. 1245 of 2022 And Appeal No. 859 of 2022 Basant Periwal & Co. First Floor, DL-35, Salt Lake City, Kolkata- 700 091 ...Appellant Versus 1. Securities and Exchange Board of India, SEBI Bhavan, Plot No. C-4A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai- 400 051 2 2. Regional Manager, Eastern Regional Office, Securities and Exchange Board of India L&T Chambers, 3rd Floor, 16 Camac Street, Kolkata- 700 017 ...Respondents Mr. Aadarsh Kothari, Advocate for the Appellants. Mr. Manish Chhangani, Advocate with Ms. Samreen Fatima and Mr. Sumit Yadav, Advocates i/b The Law Point for the Respondent.
CORAM: Justice Tarun Agarwala, Presiding Officer Ms. Meera Swarup, Technical Member Per: Justice Tarun Agarwala, Presiding Officer (Oral) 1. A Recovery Certificate has been issued inspite of the fact that penalty amount has been paid several years back by the appellants. The learned counsel for the respondent states that the Recovery Officer has now issued an order dated November 03, 2022 cancelling the Recovery Certificate issued by him. 2. In view of the aforesaid, the appeals have become infructuous and are dismissed. Misc. Applications are disposed of accordingly. 3. However, we impose a cost of Rs. 10,000 towards cost of litigation on the Recovery Officer which shall be adjusted in the event a Recovery Certificate is issued afresh with regard to 3 payment of other amounts. If the fresh Recovery Certificate is not issued within six weeks from today the amount mentioned aforesaid shall be paid within four weeks thereafter. 4. This order will be digitally signed by the Private Secretary on behalf of the bench and all concerned parties are directed to act on the digitally signed copy of this order.
Certified copy of this order is also available from the Registry on payment of usual charges. Justice Tarun Agarwala Presiding Officer Ms. Meera Swarup RAJALAK Digitally signed Technical Member by SHMI RAJALAKSHMI 16.11.2022 HARISH NAIR HARISH Date: PK 2022.11.23 NAIR 17:27:37 +05'30'
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