2025 (7) TMI 647

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....sent Order on the same. 3. In 2009, the Respondent initiated an investigation into trading in the scrip of RTS Power Corporation Ltd ("RTS") during the period from 1st September 2008 to 11th February 2009. The Petitioner was among those who had traded in the scrip. 4. In February 2009, certain buy-side stockbrokers in the RTS scrip filed Suit No. 3022 of 2009 in this Court seeking to annul certain RTS trades. Relief is also sought in terms of restraint on pay-outs to the sell side parties, refund of the amounts paid by the stockbrokers, and other related relief. The Petitioner and Respondent herein are Defendants in the said suit. 5. By an order dated 11th May 2012, the BSE was directed to deposit the pay-out amounts lying in an escrow a....

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....is was on the understanding that the payout of Rs. 3,44,62,569/- claimed by the Petitioner as a sell-side client in respect of the trades would be released to the Petitioner on passing of the Consent Order. 9. On 24th February 2012, the Respondent issued a communication, inter alia, stating that in view of the recommendations of the High Powered Advisory Committee, it had, in principle, agreed to accept the terms of the consent proposed by the Petitioner. 10. On 7th March 2012, the Petitioner sent the Respondent a Demand Draft for Rs. 25,00,000/- stating that this was towards payment of the settlement charges in the matter. 11. Thereafter, the Petitioner requested the Respondent to issue the Consent Order. The Respondent did not issue th....

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....orced till the final disposal of the present petition. 13. On 18th June 2021, the Adjudicating Officer of the Respondent passed an order on the Show Cause Notice dated 8th December 2010, inter alia, imposing a penalty of Rs. 10,00,000/- on the Petitioner. It was held that as per the order of this Court dated 27th October 2020, the Order would not be enforceable qua the Petitioner till the final disposal of the present petition. On 27th October 2021, the Whole Time Member of the Respondent passed an order on the Show Cause Notice dated 29th October 2010, inter alia, debarring the Petitioner from buying, selling or dealing in securities for a further period of two years from the date of the order. It was directed that in compliance with the ....

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....t. The Petitioner shall hereafter be at liberty to access the capital markets and/ or deal in securities forthwith. (C) The Respondent undertakes to this Hon'ble Court that it shall pass a Consent Order allowing the Consent Application, subject to the modifications set out herein, within a period of 2 weeks from the date of receipt of the Pay Order. (D) Upon the passing of the Consent Order, the proceedings initiated under the said Show Cause Notices shall stand settled and the Orders dated 18th June 2021 and 27th October 2021 passed by SEBI as mentioned in paragraph 12 above shall not be enforced against the Petitioner. (E) The Consent Order neither absolves nor incriminates the Petitioner of any offence or violation of the SEBI A....