{"id":213147,"date":"2019-04-02T18:00:17","date_gmt":"2019-04-02T12:30:17","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=213147"},"modified":"2019-04-09T15:37:20","modified_gmt":"2019-04-09T10:07:20","slug":"sat-appellant-directed-to-pay-simple-interest-on-the-amount-withdrawn-at-relevant-bank-rate-to-sebi","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/04\/02\/sat-appellant-directed-to-pay-simple-interest-on-the-amount-withdrawn-at-relevant-bank-rate-to-sebi\/","title":{"rendered":"SAT | Appellant directed to pay simple interest on the amount withdrawn at relevant bank rate to SEBI"},"content":{"rendered":"

Securities Appellate Tribunal (SAT), Mumbai<\/strong>: The Coram of Tarun Agarwala, J., (Presiding Officer), Dr C.K.G. Nair (Member) and M.T. Joshi, J., (Member) disposed an application filed for the calculation of rate of interest on a certain principal amount with the direction to the appellant to pay an additional sum of Rs 10 lakhs.<\/p>\n

The facts were that in 2004 SEBI raised the demand of Rs 4,64,17,206 towards principal amount and interest under Securities and Exchange Board of India (Interest Regularization Scheme, 2003) as fees under the Brokers Regulations. The said demand was challenged by the appellant before the Tribunal which was allowed in 2005 and SEBI was directed to refund the aforesaid amount which had already been paid by the appellant. The order of the Tribunal was challenged by SEBI before the Supreme Court of India. During the pendency of the appeal, the Supreme Court permitted the appellant to withdraw the amount deposited with this Tribunal. Consequently, the appellant withdrew a sum of Rs 6,20,12,878 towards principal amount and interest accrued thereon. The demand raised by SEBI in 2004 was affirmed and the amount became payable along with interest. SEBI, accordingly called upon the appellant to pay a sum of Rs 11,59,57,867. The contention was whether the appellant should pay a simple interest or compound interest on the principal sum. The Tribunal by an order had held that SEBI was not entitled to charge compound interest and that the appellant was liable to pay simple interest on the amount withdrawn at relevant bank rate\/rates prevailing from time to time.<\/p>\n

The Tribunal stated that simple interest was required to be calculated which the parties failed to calculate in the correct perspective. Without going into the mechanics of exact calculation, it found appropriate in the interest of justice to direct the appellant to deposit a further sum of additional Rs 10 lakhs. [Prebon Yamane India Ltd. v. SEBI, 2019 SCC OnLine SAT 17<\/b><\/a>, dated 28-03-2019]<\/p>\n","protected":false},"excerpt":{"rendered":"

Securities Appellate Tribunal (SAT), Mumbai: The Coram of Tarun Agarwala, J., (Presiding Officer), Dr C.K.G. Nair (Member) and M.T. 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Nair (Member), and Justice M.T. Joshi (Judicial Member) directed SEBI to look into violation of market norms by Cairn India with respect to withholding of dividends along with interest payable to Cairn UK Holdings, the Appellant.\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":217753,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/08\/06\/sat-disgorgement-without-restitution-doesnt-serve-any-purpose-appellants-compensated-as-an-investor-protection-measure\/","url_meta":{"origin":213147,"position":3},"title":"SAT | “Disgorgement without restitution doesn’t serve any purpose”, appellants compensated as an investor protection measure","author":"Bhumika Indulia","date":"August 6, 2019","format":false,"excerpt":"Securities Appellate Tribunal (SAT):\u00a0Justice Tarun Agarwala (Presiding Officer), Dr C.K.G. Nair (Member), and Justice M.T. Joshi (Judicial Member) allowed an appeal challenging an order by SEBI. The appellants, who are husband and wife, challenged the order of the Whole Time Member (\u2018WTM\u2019) of SEBI. They invested Rs 18,25,041 in buying\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":215172,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/05\/30\/sat-objective-of-sebi-act-is-to-regulate-healthy-growth-of-securities-market-no-action-to-be-taken-without-following-the-principles-of-natural-justice\/","url_meta":{"origin":213147,"position":4},"title":"SAT | Objective of SEBI Act is to regulate healthy growth of securities market: No action to be taken without following principles of natural justice","author":"Bhumika Indulia","date":"May 30, 2019","format":false,"excerpt":"Securities Appellate Tribunal (SAT): The Coram of Tarun Agarwala, J. (Presiding Officer), Dr C.K.G Nair (Member) and M.T. Joshi, J. (Judicial Member) allowed an appeal against the order of delisting the company as a shell company by Bombay Stock Exchange (BSE) and Securities and Exchange Board of India (SEBI). An\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":222303,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/19\/sat-money-collected-from-investors-through-ncds-to-be-returned-with-interest-in-being-found-accountable-under-s-5g-of-companies-act\/","url_meta":{"origin":213147,"position":5},"title":"SAT | Money collected from investors through NCDs to be returned with interest in being found accountable under S. 5(g) of Companies Act","author":"Bhumika Indulia","date":"November 19, 2019","format":false,"excerpt":"Securities Appellate Tribunal (SAT): Coram of Justice Tarun Agarwala (Presiding Officer), Justice M.T. Joshi (Judicial Member), and Dr C.K.G. Nair (Member), dismissed the appeal filed by the appellant and affirmed the order passed by the Whole Time Member (\u2018WTM\u2019) of SEBI. WTM had passed an order against the appellants under\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/213147","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=213147"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/213147\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/209781"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=213147"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=213147"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=213147"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}