Deepak Pandurang Vikhape vs Sebi

Date of Decision: 26.09.2019

Misc. Application No. 490 of 2019 And Appeal No. 403 of 2019

Deepak Pandurang Vikhape Indian Inhabitant, A-7-B, Khotachiwadi, 1st Floor, Room No. 15, Girgaon, Mumbai- 400 004 ...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. Santosh Thakur, Advocate for the Appellant.

Ms. Anubha Rastogi, Advocate for the Respondent.

CORAM: Justice Tarun Agarwala, Presiding Officer Dr. C.K.G. Nair, Member Justice M. T. Joshi, Judicial Member

Per: Justice Tarun Agarwala (Oral)

Misc. Application No. 490 of 2019

For the reasons stated in the application the delay in filing

the appeal is condoned. The Misc. application is allowed. 2

Appeal No. 403 of 2019

1.

The Adjudicating Officer of the Securities and Exchange

Board of India ("SEBI" for convenience) by an order dated

March 15, 2018 imposed a penalty of ` 2 lakh for violation of

Regulation 13(1) and 13(3) read with Regulation 13(5) of the

SEBI (Prohibition of Insider Trading) Regulations, 1992. The

appellant preferred Appeal No. 152 of 2018 which was disposed

of by this Tribunal by an order dated May 03, 2018 directing the

appellant to deposit the entire penalty along with interest

amount within the stipulated period. Since the amount was not

deposited, the appellant was granted further three months time

to deposit the penalty along with interest amount. Inspite of the

aforesaid order, the amount was not deposited and, accordingly

the bank account of the appellant was attached by an order dated

June 26, 2019.

2. The appellant being aggrieved by the said attachment has

filed the present appeal.

3. The learned counsel for the appellant has placed a

Demand Draft of ` 2,28,550/- in favour of "SEBI Recovery

Proceeds" and contends that the amount may be taken and the 3

appeal may be disposed of accordingly. The Demand Draft is

been handed over to learned counsel for the respondent

Ms. Anubha Rastogi.

4. In view of the fact that, the penalty amount along with

interest has now been deposited, the appeal is disposed of with a

direction to the Recovery Officer to withdraw the attachment of

the bank account (salary) of the appellant at the earliest.

Sd/-

Justice Tarun Agarwala Presiding Officer

Sd/-

Dr. C.K.G. Nair Member

Sd/-

Justice M. T. Joshi Judicial Member 26.09.2019 Prepared & Compared By: PK