BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date of Decision: 10.1.2019
Misc. Application No.316 of 2018
And
Appeal No.379 of 2018
Snigdha Saha
w/o. Akhil Chandra Saha
Having her address at
9 J, Bhattacharjee Para Road,
Kolkata – 700063,
West Bengal.

….. Appellant
Versus
Securities & Exchange Board of India
Plot No.C4-A, ‘G’ Block,
Bandra Kurla Complex,
Bandra (East), Mumbai – 400 051.

…… Respondent
Mr. S.N. Bhalerao, Advocate for the Appellant.
Mr. Vivek Shah, Advocate for the Respondent.
CORAM: Justice Tarun Agarwala, Presiding Officer
Dr. C.K.G. Nair, Member
Per : Justice Tarun Agarwala (Oral)
1.

Delay in filing the appeal is condoned. The application is allowed.

2.

We have heard learned counsel for the parties. It transpires that the
Whole Time Member of Securities and Exchange Board of India (‘SEBI’
for short) passed an order dated 12th October, 2015 in the matter of
Suraksha Agrotech Industries Ltd., (‘Company’ for short) pursuant to
which SEBI initiated recovery proceedings being Certificate no.861 of
2016 dated 16th February, 2016 against the Directors of the said Company.
The husband of the appellant, namely, Mr. Akil Chandra Saha was a
director in the Company and pursuant to the recovery proceedings, the
Bank Accounts and the F.D. receipts which were in the joint names of the
2
appellant and her husband was also seized. The appellant made
representations to SEBI for defreezing of her accounts which fell on deaf
ears and accordingly the appellant has filed the present appeal seeking a
direction to the respondent to consider her representation and release her
Bank Accounts and FD receipts.
3.

Shri Vivek Shah, learned counsel appearing for SEBI has produced
a copy of the order dated 30th November, 2018 wherein the joint Savings
Bank Account in the name of the appellant alongwith her husband’s
Savings
Bank
Account
No.1837907124
and
the
FD
Receipt
Nos.3232462642 and 3122917507 have been partially released.

The
learned counsel for the respondent has further submitted that the aforesaid
order has been intimated to the Bank through email on 3rd December, 2018.
4.

The learned counsel for the appellant Shri S.N. Bhalerao submits
that the Bank is not honouring the email and has intimated the appellant
that they will act upon it only after receiving the certified copy of the order
alongwith a covering letter from SEBI addressed to the Branch Manager.
5.

In the light of the aforesaid, we dispose of this appeal directing
SEBI to send a certified copy of the order dated 30th November, 2018 to the
Branch Manager, Central Bank of India (Barisha Branch), 188/169,
Diamond Harbour Road, Barisha, Kolkata – 700008 alongwith a covering
letter within two weeks from today.
6.

In view of the aforesaid, there shall be no order as to costs.

Sd/-
Justice Tarun Agarwala
Presiding Officer
Sd/Dr. C.K.G. Nair
Member
10.1.2019
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