2025 (3) TMI 1072

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....Singh and Ms. Lisha Arora, Advocates. ORDER 1. The present petition under Article 226 of the Constitution of India, 1950 is directed against the notices of attachment dated 07th April, 2021, arising from attachment proceedings bearing No. 6541 and 6542 of 221 ("Impugned notices"), issued by the Recovery Officer in exercise of the powers conferred under Section 28A(1)(b), 11(2)(ia) of SEBI Act, 1....

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....foresaid peculiar facts and circumstances and mitigating and other factors under Section 15J, I exercise of the powers conferred under section 15 I of the SEBI Act and Rule 5 of Adjudication Rules, hereby, impose a penalty of Rs. 25,00,000/- (Rupees Twenty Five Lakh only) under Section 15D(a) of SEBI Act upon the Noticees. The said total amount of penalty shall be paid by them, jointly and several....

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....e initiated under section 28A of the SEBI Act, 1992 for realization of the said amount of penalty along with interest thereon, inter 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 pe....

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....company had also filed a petition before the Supreme Court seeking quashing/clubbing of the identical criminal proceedings, however the said petition was dismissed vide order dated 14th November, 2022. Nonetheless, he argues that out of the total INR 14.03 Crores collected from the investors, the Petitioner has already refunded substantial amount to them and is willing to pay the balance amount as....