{"id":257611,"date":"2021-11-24T10:00:02","date_gmt":"2021-11-24T04:30:02","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=257611"},"modified":"2021-11-23T18:24:16","modified_gmt":"2021-11-23T12:54:16","slug":"tribunal-concerns-and-the-concerns-of-the-concerned-counterbalanced","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/11\/24\/tribunal-concerns-and-the-concerns-of-the-concerned-counterbalanced\/","title":{"rendered":"SAT | Relents unrelentingly | Tribunal concerns and the concerns of the concerned counterbalanced- 4 weeks and 2000 crore, to lift attachment order while withdraws for some on exigencies and age"},"content":{"rendered":"

Securities Appellate Tribunal, Mumbai (SAT):\u00a0<\/strong>The Coram of\u00a0 Tarun Agarwala, J (Presiding Officer) and M.T. Joshi, J (Judicial Member), while withdrawing the attachment order on account of old age and medical exigencies, directed the Appellants to deposit a sum of Rs.2000 crore before SEBI. However, the time given to deposit the amount is four weeks pursuant to which the attachment order against the Company and its Directors will be lifted. It also very sternly pointed to the fact that no serious attempt was made to argue on the interim relief. And despite being aware of the fact that the Recovery Officer had initiated proceedings under Section 28A of the SEBI Act, the appellants did not bring it before the Tribunal. Holding it, the Coram stated,<\/p>\n

\u201c\u2026we are of the opinion that even though it would have been appropriate for the respondent to await the result of the decision of this Tribunal, however, there is no embargo upon the Recovery Officer to proceed independently to recover the amount under Section 28A of the SEBI Act since there was no stay of the impugned order\u201d. <\/em><\/p>\n

In the present matter, the order of SEBI was challenged stating that SEBI\u00a0directed the appellant to jointly and severally refund the monies collected by the Company and its Directors through issuance of Optionally Fully Convertible Debentures (OFCDs) including the application money collected from investors pending allotment of securities along with interest of 15% per annum. The appellants were further restrained from accessing the securities market till four years from the date of the refund. The Company was also directed to provide a full inventory of all the assets and properties and details of bank accounts, demat accounts and holdings of mutual funds\/shares\/securities, if held in physical form and demat form.<\/p>\n

Counsel for the appellants submitted that \u2018there was no tearing hurry\u2019 and the Recovery Officer should have awaited the result of the appeal instead of attaching the bank accounts of the Company and its Directors. It was further submitted that salaries to employees, taxes to the government and other business expenditure are required to be made on a daily basis which has come to a halt on account of the attachment order. It was urged that the Company cannot survive unless it has funds to run and manage the affairs of the Company. It was thus contended that it is essential for this Tribunal to lift the attachment order otherwise there would be a colossal damage.<\/p>\n

Counsel for the respondents submitted that the appeal of the appellants becomes infructuous by attaching the recovery of the impugned amounts.<\/p>\n

The Tribunal considering the factual matrix, the capacity to deposit and the aim to balance the equities, till the pendency of the trial, thus held that the appellants are required to refund a sum of Rs.14,106 crores along with interest at the rate of 15 percent per annum to the investors, which is again subject matter of appeal. Therefore, the Tribunal directed the Appellants to deposit a sum of Rs.2000 crores before SEBI, pursuant to which attachment orders will be lifted. And while considering the relevant reasons of Lt. Gen (Retd.) A.S. Rao and Shri Ranoj Das Gupta, directed to withdraw their attachment orders forthwith. Further, the Appellants were directed to provide a full inventory of all the assets and properties and details of all the bank accounts in India and abroad, demat accounts and holding of mutual funds\/shares\/securities.[Sahara India Commercial Corporation Ltd (SICCL) v. SEBI, Misc. Application No.440 of 2019 In Appeal No.250 of 2019, decided on 18-11-2021]<\/p>\n

\n

Agatha Shukla, Editorial Assistant has reported this brief.<\/span><\/h4>\n
\n

Counsel for the Parties:<\/p>\n

Mr. Gaurav Joshi, Senior Advocate with Mr. Feroze Patel, Mr. Satyen Vora, Mr. Ankur Kalal, Mr. Jigar Shah, Advocates i\/b. M\/s. Markand Gandhi and Co. for the Appellants.<\/p>\n

Mr. Rafique Dada, Senior Advocate and Mr. Kevic Setalvad, Senior Advocate with Mr. Mihir Mody, Ms. Sneha Prabhu, Mr. Arnav Misra, Mr. Mayur Jaisingh, Advocates i\/b K. Ashar & Co. for the Respondent.<\/p>\n

Mr. Somasekhar Sundaresan, Advocate with Ms. Neeta Jain, Mr. Satyen Vora, Mr. Ankur Kalal, Mr. Jigar Shah, Advocates i\/b. M\/s. Markand Gandhi and Co. for the Appellants.<\/p>\n

Mr. Kevic Setalvad, Senior Advocate with Mr. Mihir Mody, Ms. Sneha Prabhu, Mr. Arnav Misra, Mr. Mayur Jaisingh, Advocates i\/b. K. Ashar & Co. for the Respondent.<\/p>\n","protected":false},"excerpt":{"rendered":"

Securities Appellate Tribunal, Mumbai (SAT):\u00a0The Coram of\u00a0 Tarun Agarwala, J (Presiding Officer) and M.T. Joshi, J (Judicial Member), while withdrawing the attachment <\/p>\n","protected":false},"author":67011,"featured_media":209781,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[],"class_list":["post-257611","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies"],"yoast_head":"\nSAT | Relents unrelentingly | Tribunal concerns and the concerns of the concerned counterbalanced- 4 weeks and 2000 crore, to lift attachment order while withdraws for some on exigencies and age | SCC Times<\/title>\n<meta name=\"description\" content=\"Tribunal concerns and the concerns of the concerned counterbalanced\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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e-auction process when the balance bid amount is due because of the attachment of\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/12\/MicrosoftTeams-image-395.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":258758,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/12\/18\/attachment-of-bank-accounts-of-a-corporate-debtor\/","url_meta":{"origin":257611,"position":2},"title":"Attachment of Bank Accounts of a Corporate Debtor: Is it violative of S. 14 of IBC during pendency of Corporate Insolvency Resolution Process? 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Subba Rao, Judicial Member and Chandra Bhan Singh, Technical Member directed that attachment of bank accounts of a Corporate Debtor by tax authorities while Corporate Insolvency Resolution Process was pending is a violation of Section 14 of the Insolvency and\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"National Company Law Tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":250416,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/29\/franklin-templeton-2\/","url_meta":{"origin":257611,"position":3},"title":"SAT | Franklin Templeton gets interim relief | Gives due consideration to the 2 decades\u2019 reputation","author":"Editor","date":"June 29, 2021","format":false,"excerpt":"Securities Appellate Tribunal (SAT): A bench of Tarun Agarwala, J. (Presiding officer) and M.T. Joshi, J. (Judicial Member) stayed the impugned order restraining the appellant from launching any new debt schemes for a period of 2 years. In the instant appeal, the appellant contended that the impugned order was arbitrary\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":259844,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/01\/12\/galls-for-missed-opportunity-as-judicial-dishonesty-and-contempt\/","url_meta":{"origin":257611,"position":4},"title":"SAT | Galls for missed opportunity as \u201cJudicial Dishonesty\u201d and\u00a0\u201cContempt\u201d; Gives opportunity to the Appellant \u00a0","author":"Editor","date":"January 12, 2022","format":false,"excerpt":"Securities Appellate Tribunal (SAT): The Coram of Tarun Agarwala, J (Presiding Officer) and M.T. Joshi, J (Judicial Member), in the same matter on subsequent dates, exclaimed that the Adjudicating Authority dealt with the matter in a very casual manner first. And on the subsequent date on not filing an affidavit\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":273163,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/09\/06\/calcutta-high-court-stays-eds-provisional-attachment-order-against-the-corporate-debtor-before-commencement-of-cirp\/","url_meta":{"origin":257611,"position":5},"title":"Calcutta High Court stays ED’s Provisional attachment order against the Corporate Debtor before commencement of CIRP","author":"Editor","date":"September 6, 2022","format":false,"excerpt":"Calcutta High Court | While awarding the injunction, Sabyasachi Bhattacharyya, J. restrained the Enforcement Directorate from giving effect to the impugned order dated 16.02.2022 which provided for provisional attachment protecting corporate debtor for an offence committed before Corporate Insolvency Resolution Process (CIRP) begin. The instant writ petition was filed by\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Calcutta High Court","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/calcutta_high_court.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/calcutta_high_court.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/calcutta_high_court.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/calcutta_high_court.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/calcutta_high_court.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/257611","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\/67011"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=257611"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/257611\/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=257611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=257611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=257611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}