2018 (10) TMI 809

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....ar for respondent no. 2. Ms. Jyoti Sinha and Mr. Manish Chhangani i/b. M/s. Khaitan and Co. for respondent no. 3. Ms. Melind Colaco-Associate Manager of BSE Ltd. present. P.C. :- 1. We have heard the petitioners' counsel at length as also Mr.Chhotaray appearing for the Revenue. The third respondent- Bombay Stock Exchange (BSE) has been impleaded by the petitioners knowing fully wel....

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.... that the Enforcement Directorate (ED) stepped in, carried out investigations by seeking information, including from petitioner no. 2. Pursuant thereto, the ED directed the BSE to annul the trade in the shares of KRBL Limited and refund the money back to the petitioners. The petitioners received from respondent no. 3 the money, but there was a shortfall of approximately Rs. 38 lakhs. That is taken....

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.... it is the BSE who will have to seek refund and the petitioners cannot seek refund from the Income Tax Department and by impleading the BSE as party respondent. This stand taken by the Income Tax Department appears to be correct. Nothing more is required other than the pleadings in the writ petition to come to a conclusion that it is respondent no. 3 who will have to seek the refund, if at all it ....