Vihit Investment vs Securities And Exchange Board Of India

We have heard the learned counsel for the parties. Urgency application has been disposed of. The matter has been taken up for admission.

Connect with appeal no.368 of 2021 and list on 12th July, 2021. In the meanwhile, three weeks time is allowed to the respondent to file reply. Three

weeks thereafter to the appellant to file rejoinder.

The present appeal has been filed on an urgent basis against the impugned order dated May 5, 2021 passed by the Whole Time Member

(‘WTM’ for short) of the Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) restraining the appellant for a

period of two years and directing the appellant to disgorge the unlawful gains as well as pay the penalty.

In order to balance the equities, we direct that the effect and operation of the impugned order shall remain stayed provided the appellant deposit the

penalty and disgorgement amount totaling Rs.35 lakh within a week from today. In addition to the aforesaid, the appellant shall also deposit a sum of

Rs.1 crore as security before SEBI within the same period. The amounts so deposited shall be kept in a fixed deposit which shall be subject to the

result of the appeal. The miscellaneous application for stay is also disposed of.

Parties are directed to contact the Registrar 48 hours before the date fixed to find out as to whether the hearing would take place through video

conferencing or through physical hearing.

The present matter was heard through video conference due to Covid-19 pandemic. At this stage it is not possible to sign a copy of this order nor a

certified copy of this order could be issued by the registry. In these circumstances, 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. Parties will act on production of a digitally signed

copy sent by fax and/or email.