Oasis Securities Limited And Ors. vs Sebi
- CitationAppeal No. 316 of 2018
Ratio decidendi
The rule this decision rests on
The Recovery Officer, having been informed that the appeal has been heard and judgment reserved, must not proceed with recovery pending the pronouncement of the judgment, and an attachment order issued in those circumstances is to be withdrawn pending the result of the appeal.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Date: 29.01.2020
Misc. Application No. 44 of 2020 In Misc. Application No. 649 of 2019 And Appeal No. 316 of 2018
Oasis Securities Limited and Ors. ...Appellants
Versus
Securities and Exchange Board of India ...Respondent
Mr. Joby Mathew, Advocate with Mr. Nikhil Shah, Advocate i/b Joby Mathew & Associates for Appellants.
Mr. Abhiraj Arora, Advocate with Mr. Vivek Shah, Advocate i/b ELP for the Respondent.
ORDER:
Not on Board. A mention was made by the learned
counsel for the applicants. A Misc. Application has been filed
today seeking urgent orders. We have find that the appeal was
heard on January 22, 2020 and thereafter the judgement was
reserved. A Recovery Certificate dated December 09, 2019 had
been issued by the Recovery Officer followed by attachment
order dated January 24, 2020 pursuant to which the demat
accounts and the bank accounts of the appellants have been
frozen.
2
2. Since the judgement has been reserved the Recovery
Officer should not have proceeded with the recovery. We
accordingly direct the Recovery Officer to withdraw the
attachment order immediately and await the result of the appeal.
Misc. Application No. 44 of 2020 is accordingly disposed of.
Sd/-
Justice Tarun Agarwala Presiding Officer
Sd/-
Dr. C.K.G. Nair Member
Sd/-
Justice M. T. Joshi Judicial Member 29.01.2020 Prepared & Compared By: PK
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