Interest on investor refund amounts-whether payable and how computed-clarification allowed before SAT; appeals dismissed with liberty.

The dominant issue was whether clarification was warranted regarding the interest payable on refund amounts due to investors. The SC held that the SAT had not considered certain relevant aspects bearing on the computation or liability for interest, and therefore permitted the appellant to seek correction/clarification before the SAT; consequently, the appeals were dismissed while granting such liberty.

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Delay was condoned. The Court noted that the Securities Appellate Tribunal, Mumbai ("SAT"), in its judgment and order dated 01.09.2025, "did not take note of certain aspects in relation to the interest payable" by the appellant. Liberty was granted to the appellant to approach the SAT to seek "correction/clarification" on that limited issue. Subject to this liberty, the Court found "no other reason to interfere with the impugned judgment/order" passed by the SAT in the referenced appeals. Accordingly, the appeals were dismissed, and any pending applications were disposed of.

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