2025 (3) TMI 1072

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....ficer in exercise of the powers conferred under Section 28A(1)(b), 11(2)(ia) of SEBI Act, 1992 ("SEBI Act") read with Section 226 of the Second Schedule of the Income Tax Act, 1961. By the impugned notices, the bank and demat accounts of the Petitioner company and its directors have been attached. 2. The impugned attachment arises out of an adjudication order dated 23rd January, 2020 passed by the Adjudicating Officer, SEBI under Section 15-I of the SEBI Act, 1992 ("SEBI Act") read with Rule 5 of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 ("SEBI Rules"), whereby a penalty of INR 25 lakhs was imposed on the Petitioner for operating schemes/plans in the nature of Collective Investment Sc....

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.... alia, by attachment and sale of movable and immovable properties. 30. In terms of Rule 6 of the Adjudication Rutes, copies of this order are sent to the Noticees and also SEBI." 3. Thus, aggrieved by the aforenoted orders, the Petitioner has filed the instant petition, seeking the following prayer: "(a) Pass appropriate writ/directions/orders in favour of Petitioner Company thereby directing the respondent for removal of attachment FROM THE Bank Accounts and Demat Accounts of the Petitioner Company and its Directors for enabling them to repay back the outstanding amount to the investors;" 4. Counsel for the Petitioner argues that there are multiple proceedings under different forums initiated by SEBI, which gives ri....