BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI

                    Date of Decision: 23.12.2013  

Appeal No. 200 of 2013

1. Miss Aashni Dushyant Dalal
   4A Chandan,
   62B Pedder Road,
   (Dr. Gopalrao Deshmukh Marg)
   Mumbai- 400 026.
2. Mrs. Yuti Kunal Jhaveri
   193B Heera Panna CHS,
   Bhulabhai Desai Road,
   Mumbai- 400 026.
3. Mr. Ullas Ganapati Mehta
   401, Urvashi, Besant Street,
   Santacruz (W),
   Mumbai- 400 054.
4. Mrs. Smita Ajit Shah
   4A Chandan,
   62B Pedder Road,
   (Dr. Gopalrao Deshmukh Marg)
   Mumbai- 400 026.
5. Mrs. Gita Shishir Rokadia
   4A Chandan,
   62B Pedder Road,
   (Dr. Gopalrao Deshmukh Marg)
   Mumbai- 400 026.
6. Dushyant Natwarlal Dalal HUF
   4A Chandan,
   62B Pedder Road,
   (Dr. Gopalrao Deshmukh Marg)
   Mumbai- 400 026. …Apelt s

Versus

Securities and Exchange Board of India,
SEBI Bhavan, Plot No. C-4A, G-Block,
Bandra-Kurla Complex, Bandra (East),
Mumbai – 400 051. …Respoen

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Mr. Ravichandra Hegde, Advocate for Appellants.

Mr. Shiraz Rustomjee, Senior Advocate with Mr. Mihir Mody, and
Mr. Pratham V. Masurekar, Advocates for the Respondent.

CORAM : Justice J.P. Devadhar, Presiding Officer
Jog Singh, Member
A.S. Lamba, Member

Per : Justice J.P. Devadhar (Oral)

1. This appeal is filed to challenge notice of attachment dated October

18, 2013 issued by the respondent whereby various bank accounts

jointly held by appellants and defaulters namely, Mr. Dushyant

Natwarlal Dalal and Mrs. Puloma Dushyant Dalal are attached. Counsel

for appellants state that instead of attaching joint bank accounts of

appellants it would be just and proper to attach demat Account No.

10770333 of the defaulter Mr. Dushyant Natwarlal Dalal with

M/s Karvy Stockbroking Ltd. He submits that value of shares of various

coanes held by defaulter and lying in the above demat account are

more than ` 47 Crore. Since those frozen shares are still lying in demat

account of defaulter, those shares may be attached by respondent for

recovery of amounts due to respondent from defaulters and attachment

levied on joint accounts of appellants be lifted. Counsel for appellants

has tendered affidavit of defaulters to the effect that they have no

objection for above proposal of appellants. Statement made by counsel

for appellants is accepted and affidavit of defaulter Dushyant Dalal is

taken on record.

2. Although counsel for respondent has objected to the above

proposal, no valid reason is given as to how interests of respondent

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would be prejudiced if above proposal is accepted. In the absence of

any valid reason given, we see no reason to reject the proposal given by

appellants.

3. Accordingly attachments levied on various joint bank accounts of

appellants on October 18, 2013 are hereby vacated and shares of

defaulter in his demat Account No. 10770333 shall stand attached so as

to enable respondent to recover amounts due from defaulters.

4. Appeal is disposed of in above terms with no order as to costs. Sd/- Justice J.P. Devadhar
   Presiding Officer Sd/- Jog Singh Member Sd/-
   A S Lamba
   Member
   23.12.2013
   Prepared & Compared By: Pk