M/S. Disc Asset Lead India Ltd. vs Sebi
- CitationAppeal No. 175 of 2016
Ratio decidendi
The rule this decision rests on
The Tribunal grants the appellant a further three months to comply with the WTM's order of March 30, 2016, on the footing that the appellant accepts that order and has taken steps to implement it. The Tribunal holds that such an extension is to be made subject to the supervision of SEBI, which may grant further extension if need arises, and that payment to investors may be made through NEFT in addition to other permissible modes, with proof of payment furnished to SEBI from time to time.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI
DATE : 07.06.2016
Appeal No. 175 of 2016
M/s. Disc Asset Lead India Ltd. Old Door No. 59/1 (New no. 119), Canal Bank Road, C.I.T. Nagar, Chennai - 600 035. ..... 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. D. P. Singh, Advocate for the Appellant. Mr. J. P. Sen, Senior Advocate with Mr. Tomu Francis, Advocate for the Respondent.
CORAM : Justice J. P. Devadhar, Presiding Officer Dr. C. K. G. Nair, Member
Per : Justice J. P. Devadhar (Oral)
1.
Appellant is aggrieved by the order passed by the Whole Time Member
('WTM' for short) of Securities and Exchange Board of India ('SEBI' for short) on
March 30, 2016. By the said order, the appellant is inter-alia directed to wind up the
existing collective investment schemes and refund the amounts collected from the
investors within three months from the date of the said order. The appellant while
accepting the aforesaid decision of SEBI is only seeking extension of time to comply
with the said order of SEBI. In support of the above contention appellant has stated
in the memo of appeal that various steps have been taken in implementing the order
passed by the WTM of SEBI on March 30, 2016.
2. Counsel for SEBI while not disputing the statements made in the memo of
appeal submits that the said statements need to be verified by SEBI. 2
3. Since the appellant accepts the decision of SEBI and submits that steps have
been taken to implement the order of SEBI, we grant extension of three months time
to comply with the order passed by the WTM of SEBI on March 30, 2016. It is made
clear that the implementation of the order passed by WTM of SEBI on March 30,
2016 shall hence forthwith be under the supervision of SEBI and it would be open to
SEBI to grant further extension of time if need arises.
4. The appellant is at liberty to pay to investors through NEFT mode in addition
to other permissible modes of payments. Appellant shall furnish proof of payment to
SEBI from time to time.
5. Appeal is disposed of in the above terms with no order as to costs.
Sd/-
Justice J. P. Devadhar Presiding Officer
Sd/-
Dr. C. K. G. Nair Member 07.06.2016 Prepared & Compared by PTM
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