At, SEBI Securities Exchange Board of India Securities Appellate Tribunal
By, THE HONOURABLE MR. JUSTICE J.P. DEVADHAR
By, PRESIDING OFFICER & THE HONOURABLE DR. C.K.G. NAIR
For the Appellants: Rajesh Khandelwal, i/b Juris Link, Advocates. For the Respondent: Mustafa Doctor, Senior Advocate with Vidhi Jhawar, Pulkit Sukhramani, Advocates i/b The Law Point.
J.P. Devadhar, Presiding Officer (Oral)
1. This appeal is filed to challenge the order passed by the Adjudicating Officer of Securities and Exchange Board of India (‘SEBI’ for short) on December 29, 2017. By the said order penalty of Rs. 25 Lakh is imposed on the appellants under Section 15HA of SEBI Act, 1992 for violating Regulation 4(2)(t) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (‘PFUTP Regulations’ for short).
2. Learned counsel for appellants fairly state that the appellants are ready and willing to comply with the order by paying penalty amount of Rs. 25 Lakh to SEBI, however, seeks time for payment till September 30, 2018.
3. In these circumstances, we grant time to pay penalty amount of Rs. 25 Lakh subject to appellants giving an undertaking within one week from today to the effect that they would pay entire amount of Rs. 25 Lakh to SEBI on or before September 30, 2018. Subject to the appellants giving the above undertaking within one week from today, implementation of the impugned order is stayed till September 30, 2018.
4. It is made clear that if the appellants fail to give undertaking within one week from today or after giving the undertaking fail to pay amount of Rs. 25 Lakh to SEBI on or before September 30, 2018 then SEBI shall be entitled to recover the entire amount with interest as provided under the SEBI Act from the date of the order till payment. It is further made clear that the attachment levie
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d by SEBI on the assets of the appellants shall continue till the entire amount is paid. 5. Appeal is disposed of in the above terms with no order as to costs.