Himlaksh Tradelinks Private Limited & ... vs Sebi
- CitationAppeal No. 996 of 2022
Ratio decidendi
The rule this decision rests on
The Tribunal's dismissal of the appeal as withdrawn rests on the principle that, where the Supreme Court has held that matters arising out of the PACL Ltd. proceedings are not to be entertained by this Tribunal, this Tribunal will not entertain an appeal against an attachment order in such matters, and the appellants must seek redress before the forum the Supreme Court has identified. The Tribunal's direction to the appellants, on the anomaly between the Recovery Officer's two orders, rests on the principle that a party aggrieved by inconsistent directions of a Recovery Officer must first raise the discrepancy before that Recovery Officer, and the Tribunal does not adjudicate it at this stage.
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: 02.12.2022 Misc. Application No. 1643 of 2022 And Misc. Application No. 1644 of 2022 And Appeal No. 996 of 2022 1. Himlaksh Tradelinks Private Limited 131-A, Nemi Nagar, Near Dav School, Jaipur, Rajasthan- 302 021 2. Karan Singh Shekhawat, M-13, Madram Pura, Civil Lines, Jaipur, Rajasthan- 302 006 3. Meena Shekhavat M-13, Madram Pura, Civil Lines, Jaipur, Rajasthan- 302 006 ...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. Janak Dwarkadas, Senior Advocate with Mr. Vivek Jain, Mr. Zulfiquar Memon, Mr. Waseem Pangarkar, Mr. Abhishek Gupta and Ms. Poornima Eapen, Advocates i/b MZM Legal LLP for the Appellants. Ms. Anju Mahendra, Deputy General Manager for SEBI. CORAM: Justice Tarun Agarwala, Presiding Officer 2 Per: Justice Tarun Agarwala, Presiding Officer (Oral) 1. An urgent mention was made to take up the appeal which has been filed against the notice dated November 24, 2022 issued by the Recovery Officer under Section 28(A) of the Securities and Exchange Board of India Act, 1992 read with Section 226(3)(i) of the Income Tax Act, 1961. Since the bench was not available a mention was made before me to consider the interim application pending admission before the appropriate bench.
2. Upon hearing the learned senior counsel Shri Dwarkadas, for the appellants it was brought to his knowledge that all matters arising out of PACL Ltd. cannot be entertained by this Tribunal in view of certain orders passed by the Supreme Court from time to time. One such order is dated October 06, 2021 passed in Civil Appeal No(s). 13301/ 2015 Subrata Bhattacharya vs. Securities and Exchange Board of India & Ors., wherein in similar circumstances this Tribunal had entertained an appeal against or order of attachment. 3. In view of this order of the Supreme Court the learned senior counsel has prayed to withdraw the appeal. Permission granted. The appeal is dismissed as withdrawn and liberty is 3 given to the appellants to approach the aforesaid forum for redressal of its grievances. 4. It was pointed out by the learned senior counsel, that the Recovery Officer, by the impugned notice dated November 24, 2022 has directed the appellants to deposit the money within 15 days from the date of the notice but by another order dated November 28, 2022, the Recovery Officer has directed the bank to remit the entire amount from the bank accounts of the appellants including fixed deposit by December 02, 2022. In this regard, it would be open to the appellants to approach the Recovery Officer and point out this anomaly.
Misc. Applications are disposed of accordingly. 5. 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 RAJALAK Digitally signed Presiding Officer by SHMI RAJALAKSHMI HARISH HARISH NAIR 02.12.2022 Date: 2022.12.02 NAIR 13:44:03 +05'30' PK
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