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Judgment
4 paragraphs · 125 wordsAnil R. Dave, J.—Heard the learned counsel.
By an order dated 3rd February, 2016, it was directed that Respondent No.2 should deposit Rs. 30 Crorers (Rupees Thirty Crores only) in six months with SEBI. It was further ordered that if the afore-stated amount is not paid, the order dated 9th September, 2004 passed by the SEBI, shall stand revived.
It is an admitted fact that Rs. 30 Crores have not been deposited till today. In the circumstances, order dated 8th December, 2015 passed by the Securities Appellate Tribunal, Mumbai is set aside and the order dated 9th September, 2004 stands revived.
The appeal is disposed of as allowed with no order as to costs. Pending application, if any, shall stand disposed of.