{"id":222303,"date":"2019-11-19T17:00:38","date_gmt":"2019-11-19T11:30:38","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=222303"},"modified":"2019-11-25T12:33:58","modified_gmt":"2019-11-25T07:03:58","slug":"sat-money-collected-from-investors-through-ncds-to-be-returned-with-interest-in-being-found-accountable-under-s-5g-of-companies-act","status":"publish","type":"post","link":"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\/","title":{"rendered":"SAT | Money collected from investors through NCDs to be returned with interest in being found accountable under S. 5(g) of Companies Act"},"content":{"rendered":"

Securities Appellate Tribunal (SAT):<\/strong> 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.<\/p>\n

WTM had passed an order against the appellants under Section 11 and 11B of SEBI Act directing them to refund the money collected by the Company during their respective period of directorship through the issuance of Non-Convertible Debentures (\u2018NCDs\u2019) including the application money collected from investors along with interest at the rate of 15% p.a. The appellants were appointed as directors from 2009 to 2013. During the financial years 2010-11, 2011-12, 2012-13, the Company made an offer of NCDs and raised an amount of Rs. 9.06 crores from 4,518 allottees. Since there was a violation of the SEBI Act, Companies Act, and Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008 (ILDS Regulations), SEBI passed an order of debarment and refund to investors against the Company and its directors\/promoters. The appellants were directors of the company during the time when the NCDs were issued. Accordingly, an interim order was passed against the appellants and a show-cause notice was issued to show cause as to why suitable direction under Section 11 and 11B read with Section 73(2) of the Companies Act should not be passed against them. After giving an opportunity of hearing, the WTM found the appellants were involved in the issuance of the offer of NCDs during the time when they were directors which was in violation of the Companies Act and ILDS Regulations. Accordingly, the WTM issued directions for a refund of the money along with interest, etc.<\/p>\n

The appellants contended that the said order was erroneous since there was no finding that the appellants were \u201cofficers in default\u201d and consequently, the mandate provided under Section 73(2) of the Companies Act cannot be invoked. In support of this submission, the appellants have placed reliance upon Pritha Bag<\/em> v. SEBI<\/em>, 2019 SCC OnLine SAT 110<\/a>.<\/p>\n

The Tribunal held that the decision of the Tribunal in Pritha Bag case<\/em> was not applicable to the facts and circumstances of the present case. The WTM came to the conclusion that the appellants were \u201cofficers in default\u201d by relying on the definition as under Section 5(g) of the Companies Act. No evidence was filed to show that any of the officers set out in clauses (a) to (c) of Section 5 of the Companies Act was entrusted to discharge the obligation contained in Section 73 of the Companies Act. In Pritha Bag case,<\/em> there was no finding that the appellant in that appeal was an \u201cofficer in default\u201d and, therefore, the Tribunal had held that the mandate provided under Section 73(2) of the Companies Act could not be invoked. The said decision was also distinguishable on the ground that there was a managing director in that company who was responsible for the affairs of the company. Moreover, on perusal of the impugned order, the appellants had admitted before the WTM that they were aware of the collection of the money from the investors by the company and further submitted that the appellants were willing to make a refund to the investors. In the light of such admission, the appellants could not escape the liability of refund of the amount along with interest as directed by the WTM. [Saikat Brahmachari v. SEBI, 2019 SCC OnLine SAT 200<\/a>,<\/b>\u00a0decided on 14-11-2019]<\/p>\n","protected":false},"excerpt":{"rendered":"

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 <\/p>\n","protected":false},"author":8808,"featured_media":209781,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[32418,35599,38374],"class_list":["post-222303","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-investors","tag-money","tag-section-5g-of-companies-act"],"yoast_head":"\nSAT | Money collected from investors through NCDs to be returned with interest in being found accountable under S. 5(g) of Companies Act | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"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\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SAT | Money collected from investors through NCDs to be returned with interest in being found accountable under S. 5(g) of Companies Act\" \/>\n<meta property=\"og:description\" content=\"Securities Appellate Tribunal (SAT): Coram of Justice Tarun Agarwala (Presiding Officer), Justice M.T. 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Nair (Member), and Justice M.T. Joshi (Judicial Member), quashed an order by the WTM who held the appellant vicariously liable for an act of the Company she worked in. 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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":271319,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/08\/06\/sat-directions-of-debarment-and-the-penalty-imposed-by-whole-time-member-held-to-be-harsh-and-excessive-penalty-reduced-by-75\/","url_meta":{"origin":222303,"position":2},"title":"SAT | Directions of debarment and the penalty imposed by Whole time Member held to be harsh and excessive ; Penalty reduced by 75%","author":"Editor","date":"August 6, 2022","format":false,"excerpt":"\u00a0 \u00a0 Securities Appellate Tribunal, Mumbai (SAT): While dealing with the appeal preferred by the appellants against the order dated 08-06-2021 of the Whole Time Member (\u2018WTM'), the Coram of Tarun Agarwala, J. (Presiding Officer), M.T. Joshi, J. (Judicial Member), Meera Swarup (Technical Member) held that the directions of debarment\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"SAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/MicrosoftTeams-image-401.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/MicrosoftTeams-image-401.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/MicrosoftTeams-image-401.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/MicrosoftTeams-image-401.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/MicrosoftTeams-image-401.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":348503,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/05\/22\/supreme-court-res-judicata-applicability-sebi\/","url_meta":{"origin":222303,"position":3},"title":"Flummoxed by Finality: Supreme Court Reaffirms Applicability of Res Judicata to SEBI","author":"Editor","date":"May 22, 2025","format":false,"excerpt":"by Namita Shetty* and Bharat Harne**","rel":"","context":"In "Cyril Amarchand Mangaldas"","block_context":{"text":"Cyril Amarchand Mangaldas","link":"https:\/\/www.scconline.com\/blog\/post\/category\/experts_corner\/law-firm\/cam\/"},"img":{"alt_text":"res judicata applicability to SEBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/05\/res-judicata-applicability-to-SEBI.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/05\/res-judicata-applicability-to-SEBI.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/05\/res-judicata-applicability-to-SEBI.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/05\/res-judicata-applicability-to-SEBI.webp?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/05\/res-judicata-applicability-to-SEBI.webp?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/05\/res-judicata-applicability-to-SEBI.webp?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":288426,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/04\/03\/sat-reverses-sebis-order-in-arshad-warsis-pump-and-dump-case\/","url_meta":{"origin":222303,"position":4},"title":"SAT reverses SEBI’s order in Arshad Warsi’s pump and dump case","author":"Editor","date":"April 3, 2023","format":false,"excerpt":"Securities Appellate Tribunal: In the instant appeal filed against the ex parte ad-interim order passed by the Whole Time Members (WTM) of Securities Exchange Board of India (\u2018SEBI\u2019) in Arshad Warsi's case, the two-member bench of Tarun Agarwal, J. 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