Crosseas Capital Services Pvt. Ltd. vs Sebi
- CitationAppeal No. 330 of 2017
Ratio decidendi
The rule this decision rests on
A stay application directed at a communication that merely reminds a party of dues recorded in SEBI's books, and which does not amount to a recovery certificate or other enforceable order, is premature and is rejected on that footing.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI DATE : 30.08.2018
Misc. Application No. 208 of 2018 In Appeal No. 330 of 2017
Crosseas Capital Services Pvt. Ltd. 1303, 13th Floor, Lodha Supremus, Dr. E. Moses Road, Worli Naka, Worli, .....Applicant Mumbai - 400 018. (Org. Appellant)
Versus
Securities and Exchange Board of India SEBI Bhavan, C-4A, G-Block, Bandra Kurla Complex, ... Respondent Bandra (E), Mumbai - 400 051 (Org. Respondent)
Mr. Sumit Agrawal, Advocate with Ms. Prachi Jain, Advocate i/b Regstreet Law Advisors for the Applicant. Mr. Mustafa Doctor, Senior Advocate with Mr. Pulkit Sukhramani, Ms. Vidhi Jhawar, Advocates i/b The Law Point for the Respondent.
CORAM : Dr. C. K. G. Nair, Member
Per : Dr. C. K. G. Nair, Member (Oral)
1.
This Misc. Application has been filed challenging the communication
/ e-mail from Securities and Exchange Board of India ('SEBI' for short)
dated July 18, 2018 whereby applicant (original appellant) has been
reminded of pending dues consequent to an adjudication order. It is on
record that the appellant made a representation to SEBI on July 18, 2018
itself stating that an appeal against the adjudication order is pending in the
Securities Appellate Tribunal ('SAT' for short) and as such no recovery
should be initiated at this stage.
2
2. The learned Senior Counsel Shri Mustafa Doctor appearing for SEBI
submitted that no recovery certificate has been issued by SEBI. It is only a
communication stating that an amount is due as per SEBI's records and as
such this Misc. Application is premature.
3. In the above circumstances, filing of Misc. Application seeking stay
on the impugned communication dated July 18, 2018 is premature.
Accordingly, Misc. Application is rejected with no order as to costs.
Sd/-
Dr. C. K. G. Nair Member 30.08.2018 Prepared & Compared by PTM
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