BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI
Date of Decision: 28.6.2019
Appeal No.96 of 2015
1. Sicorp Finlease Ltd
11, Anand Mangal Shanti Nagar CHS Ltd.,
Jain Mandir Road, Sector 3,
Mira Road (East), Thane – 401107.
….. Appellant
2. Shirish Shah
4th Floor, Meghdoot, Flat No. 21, 95B,
N. S. Road, Marine Drive,
Mumbai-400 002.
3. Sandhya Shirish Shah
4th Floor, Meghdoot, Flat No. 21, 95B,
N. S. Road, Marine Drive,
Mumbai-400 002.
4. Pravina Chandrakant Shah
18, Dhootpapeshwer Building,
3rd Floor, Mangalwadi, Girgaun,
Mumbai-400 004.
Versus
Securities and Exchange Board of India
SEBI Bhawan, Plot No.C4-A,
‘G’ Block, Bandra Kurla Complex,
Bandra (E), Mumbai, Maharashtra 400051.
… Respondent
With
Appeal No. 159 of 2015
1. Sicorp Finlease Ltd
11, Anand Mangal Shanti Nagar CHS Ltd.,
Jain Mandir Road, Sector 3, Mira Road (East), Thane – 401107.
….. Appellant
2. Sandhya Shirish Shah
4th Floor, Meghdoot, Flat No. 21, 95B,
N. S. Road, Marine Drive,
Mumbai-400 002.
3. Pravina Chandrakant Shah
4th Floor, Meghdoot, Flat No. 21, 95B,
N. S. Road, Marine Drive,
Mumbai-400 002.
Versus
Securities and Exchange Board of India
SEBI Bhawan, Plot No.C4-A,
‘G’ Block, Bandra Kurla Complex,
Bandra (E), Mumbai, Maharashtra 400051. … Respondent
With
Misc. Application No. 303 of 2015
And
Appeal No. 429 of 2015
1. Sicorp Finlease Ltd
11, Anand Mangal Shanti Nagar CHS Ltd.,
Jain Mandir Road, Sector 3,
Mira Road (East), Thane – 401107. ….. Appellant
2. Mrs. Sandhya Shirish Shah
4th Floor, Meghdoot, Flat No. 21, 95B,
N. S. Road, Marine Drive,
Mumbai-400 002.
3. Mrs. Pravina Chandrakant Shah
4th Floor, Meghdoot, Flat No. 21, 95B,
N. S. Road, Marine Drive,
Mumbai-400 002.
Versus
Securities and Exchange Board of India
SEBI Bhawan, Plot No.C4-A,
‘G’ Block, Bandra Kurla Complex,
Bandra (E), Mumbai, Maharashtra 400051. … Respondent
Ms. Rinku Valanju, Advocate for the Appellant.
Mr. Mustafa Doctor, Senior Advocate with Mr. Mihir Mody and Mr. Sushant Yadav, Advocate i/b. K. Ashar & Co. for
the Respondent.
CORAM: Justice Tarun Agarwala, Presiding Officer
Dr. C.K.G. Nair, Member
Justice M.T. Joshi, Judicial Member
Per : Justice Tarun Agarwala (Oral)
1. Appeal no.440 of 2015 has been filed against an order of the Recovery Officer refusing to recall its attachment
order. During the course of hearing of that appeal we found that the attachment order passed by the Recovery Officer had been set aside by the Tribunal in Appeal no.96 of 2015. The Tribunal while allowing the appeal by order dated 24.11.2017 also directed the WTM/AO of SEBI to re-decide the matter on merits and further directed that till such time the matter is not decided the attachment order would continue to operate.
2.We accordingly called for the records of Appeal no.96 of 2015 and other connected appeals. On a query raised by us, the learned senior counsel informed the Tribunal on instructions received by him from SEBI that investigation is still going and is likely to take some time for the final disposal and, therefore, the Tribunal may vacate the order of attachment as stipulated in the order dated 24th November, 2017.
3.In the light of the aforesaid statement we find it appropriate to vacate the order of attachment as stipulated in
para 9 of the order dated 24th November, 2017. The order dated 24.11.2017 is modified accordingly, suo moto by us. SEBI is directed to inform the Recovery Officer as well as the Banks as early as possible.
Sd/Justice Tarun Agarwala
Presiding Officer
Sd/Dr. C. K. G. Nair
Member
Sd/Justice M.T. Joshi
Judicial Member
28.6.2019
Prepared and compared by RHN