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Tribunals and CommissionsDivision Bench(2023) 08 SEBI CK 0035

Shiba Shankar Das And Others vs Securities And Exchange Board Of India

Securities Appellate Tribunal Mumbai · Decided on 11 August 2023

HON’BLE JUDGES
Tarun Agarwala, Presiding Officer · Meera Swarup, Technical Member
RESULT
Allowed
CASE NUMBER
Miscellaneous Application No. 903 Of 2023, Appeal No. 531 Of 2023
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Judgment

4 paragraphs · 188 words

Tarun Agarwala, Presiding Officer

1.

Cause shown is sufficient. The order dated July 3, 2023 is recalled. The application is allowed. The appeal is restored to its original number.

2.

We have heard the learned counsel for the parties. By an order dated May 06, 2022 the Whole Time Member (‘WTM’ for short) of Securities and Exchange Board of India (‘SEBI’ for short) held that the appellant along with its Company were carrying on unauthorized Collective Investment Scheme (CIS). The WTM passed an order for refund of the amount to the investors along with interest and also directed freezing of the accounts of the directors. The appellants have not challenged the order dated May 06, 2022 but approached this Tribunal praying that the accounts should be defreezed. We are not agreeable to this submission. The appeal fails and is dismissed.

3.

This order will be digitally signed by the Private Secretary on behalf of the bench and all concerned parties are directed to act on the digitally signed copy of this order. Certified copy of this order is also available from the Registry on payment of usual charges.