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of <h1>Delay In Rejoinder Condoned, Bank Account Partially Defrozen Solely To Repay Investors Via SEBI-Approved List</h1> <h3>Big EM Estates and Infrastructure Limited & Ors. Versus Securities and Exchange Board of India & Ors.</h3> The AT condoned the delay in filing the rejoinder and addressed the appellants' request to pay investors directly. SEBI suggested that the appellants ... Seeking permission to make payments directly to investors - Delay in filing the rejoinder - SEBI submits that appellants may deposit the amount with SEBI and SEBI’s recovery officers will deal with the investors - HELD THAT:- Delay in filing the rejoinder is condoned. - Appellants shall first submit the list of such investors to the SEBI with the bank account details. While granting the approval for payment, SEBI shall instruct appellant’s bank to permit him to operate the account for the limited purpose of making the payments to the approved investors. Defreezing of bank account stands disposed of. Delay in filing the reply and rejoinder was condoned and both pleadings were taken on record. The appeal was admitted. Appellants sought permission to make payments directly to investors; SEBI proposed that appellants deposit the amounts with SEBI so its recovery officers could deal with investors. The tribunal accepted SEBI's proposal that 'payments be made through banking channels after furnishing the details of persons to whom such payments will be made.' Appellants are directed to submit a list of investors with bank account details to SEBI; after approval by SEBI's recovery officers, payments shall be effected through proper banking channels. While granting approval, SEBI shall instruct the appellant's bank to 'permit him to operate the account for the limited purpose of making the payments to the approved investors.' Misc. Application No. 670 of 2025 for defreezing of bank account stands disposed of. Next call: September 26, 2025.
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