Mr. Dilip Kumar Pipalwa & Anr. vs Sebi

The Securities and Exchange Board of India SEBI Bhavan, Plot No.C-4A, G-Block, Bandra Kurla Complex, Mumbai - 400 051. ...Respondent

Mr. Abhiraj Arora, Advocate with Mr. Deepanshu Agarwal, Ms. Misbah Dada and Mr. Shourya Tanay, Advocates i/b. ELP for the Respondent.

CORAM: Justice Tarun Agarwala, Presiding Officer Ms. Meera Swarup, Technical Member

Per: Justice Tarun Agarwala, Presiding Officer (Oral) 2

1. For the reasons stated in the application, the delay

in the filing of the appeal is condoned. The application

is allowed.

2. We have heard the learned counsel for the parties.

The present appeal has been filed against the order

dated 11th May, 2022. Some of the noticees had filed

Appeal no.286 of 2022 against the order dated 11th

May, 2022 which was decided on 17th November, 2022

in which relief was granted to the said noticees.

3. The appellants before us did not file any appeal and,

in fact, deposited the penalty amount before the

authorities in compliance with the impugned order.

The appellants accepted the said order dated 11th May,

2022.

4. After the passing of the order dated 17th November,

2022 by this Tribunal, the appellants have filed the

present appeal on 11th April, 2023 contending that they 3

had deposited the amount under protest and, therefore,

the appeal is maintainable.

5. We have gone through the affidavit filed by the

respondent which indicates that one of the appellants,

Ms. Richa had filed an application for depositing the

penalty amount. This application is not an application

for depositing the amount under protest. No proof has

been filed by the other appellant Mr. Dilip Kumar. In

fact, the amount was withdrawn from the Bank

accounts pursuant to the recovery proceedings initiated

by the Recovery Officer.

6. In view of the aforesaid, we are satisfied that the

amount deposited by the appellant was not under

protest and was in compliance of the impugned order.

7. In view of the aforesaid, the appellants having

accepted the order and having paid the amount in

compliance of the order now cannot file an appeal.

The appeal fails and is dismissed. 4

8. 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 Presiding Officer

Ms. Meera Swarup Technical Member

RAJALAKSH Digitally signed by RAJALAKSHMI MI HARISH HARISH NAIR 12.5.2023 NAIR Date: 2023.05.18 11:55:22 +05'30'

RHN