2020 (6) TMI 646

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....dicial Member For the Applicant : Ms. Rinku S. Valanju and Pratham Masurekar, Advs. For the Respondent : Kumar Desai, Abhiraj Arora, Vivek Shah and Pradeep Kumar ORDER JUSTICE TARUN AGARWALA, PRESIDING OFFICER - 1. We have heard Ms. Rinku Valanju along with Mr. Pratham Masurkar, Advocates for the Appellant, and Shri Kumar Desai along with Mr. Abhiraj Arora, Mr. Vivek Shah, Advocates....

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....35,521/-. The Respondent instead of refunding the amount issued an email dated 13/3/2020 informing the appellant that SEBI intends to file an appeal before the Supreme Court against the order of the Tribunal and, therefore, the refund of the amount would be subject to the outcome of the appeal before the Supreme Court. The appellant was further informed that there is no specific order for refund o....

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.... amount within 15 days of any stay order being passed by the Supreme Court in the proposed appeal to be filed by SEBI. 6. The learned Counsel for the appellant contended that once the order of the AO has been set aside by the Tribunal, there was no justification for SEBI to withhold the money and that holding of the money was wholly illegal and without any authority of law. 7. On the other h....

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.... AO has been set aside, is without any authority of law. The fact that no direction for refund of the amount was issued by the Tribunal is immaterial. Once the order has been set aside, there is no amount to be recovered and consequently any amount so recovered has to be refunded immediately. 9. The Respondent has a right to file an appeal before the Supreme Court against the order of the Tribu....