Jayanta Kumar Basu vs Sebi

Date of Decision : 02.11.2017

Review Application No. 7 of 2017 In Appeal No. 26 of 2017

Jayanta Kumar Basu 6/D, Latafath Hossain Lane, Kolkata - 700 085. .....Applicant / Orig. Appellant Versus Northern Regional Office : Securities and Exchange Board of India 5th Floor, Bank of Baroda Building, 16, Parliament Street, New Delhi - 110 001. Head Office: SEBI Bhavan, Plot No. C-4A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051. ......Respondent

Mr. Hitesh Buch, Practicing Company Secretary for the Appellant.

Mr. Pradeep Sancheti, Senior Advocate with Mr. Tomu Francis and Mr. Vivek Shah, Advocates i/b ELP for the Respondent.

CORAM : Justice J.P. Devadhar, Presiding Officer Dr. C.K.G. Nair, Member

Per : Dr. C.K.G. Nair, Member (Oral)

1.

Not on Board. Taken up by consent of the parties.

2. This Review Application is filed by the Appellant seeking to review

the order passed by this Appellate Tribunal on August 18, 2017 in Appeal

No. 26 of 2017. By the said order, the appeal was dismissed for the reasons

stated in the order.

3. On perusal of the Review Application it is seen that the entire case of

the appellant is that in the order dated August 18, 2017, this Tribunal failed

to consider the plea of the appellant in the proper perspective. In our

opinion, that cannot be a ground for entertaining the Review Application. 2

Representative of the appellant submitted that although the appellant was

shown as Director by forging his signature, since the appellant had resigned

as a Director of Basil International Ltd. with effect from February 1, 2013,

the appellant being a past Director, no liability could be fastened on the

appellant.

4. We do not find any merit in the above submissions. Specific

argument advanced while arguing Appeal No. 26 of 2017 was that the

appellant was never a Director of Basil International Limited and his

signature was forged etc. Appellant's own letters dated January 30, 2013

and February 1, 2013 clearly falsified the claim made by the appellant that

he was not a Director of the Company. In such a case, it is not open to the

appellant to contend that even if his case is found to be false, he cannot be

made liable, because he had resigned as a Director of the Company with

effect from February 1, 2013. It is interesting to note that in para 6 of the

order passed by the WTM of SEBI on November 1, 2016 it is recorded that

the name of the appellant appears in the list of Directors of the Company on

the MCA-21 Portal. In these circumstances, since the name of the appellant

continues to appear in the list of Directors of the Company even after the

alleged letter of the appellant dated February 1, 2013, no fault can be found

with the impugned decision in holding that the appellant is jointly and

severally liable along with other Directors of the Company.

5. In the result, we do not find any merit in the Review Application and

the same is hereby rejected with no order as to costs.

Sd/-

Justice J.P. Devadhar Presiding Officer

Sd/-

Dr. C.K.G. Nair Member 02.11.2017 Prepared and compared by:msb