2025 (7) TMI 935

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....11 of 2025. For the Applicant: Mr. Rajeev Kumar Panday with Mr. Sachin Kanse i/b PRS Legal, in IA 1707 of 2025. For the Applicant: Mr. Sanjiv Punalekar i/b PRS Legal, in IA-1832 of 2025. For the Applicant: Mr. Raghav Gupta with Ms. Treesa Benny with Ms. Rashi Savla i/b Wadia Ghandy and Co., in IA 3090 of 2025 and IA 3095 of 2025 and IA 3745 of 2025. For the Respondent-ED: Mr. Anil D. Yadav, in IA 3090 of 2025 and IA 3095 of 2025 and IA 3745 of 2025. PC:- 1. Heard learned Counsel for the parties. 2. These are Interim Applications seeking a stay on the impugned orders in the accompanying Appeals. The accompanying Appeals have already been admitted. The impugned orders levy a penalty on the Applicants, inter alia, on the g....

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....is stage, have established a case of extreme perversity in the record of such findings, to be exempt from even depositing the penalty amount or otherwise securing such amounts by furnishing a Bank guarantee. No case of hardship is made out by any of the applicants who contend that their financial position is very strong. Besides, considering the financial position of the Banks, even the amounts involved are not substantial. 9. The learned Counsel have strongly relied upon the arguments as well as the observations in the order dated 05 January 2024, by which the Appellate Tribunal granted an unconditional stay. Apart from the fact that this order does not bind this Court, we note that it was made at a stage where the Tribunal had yet to d....

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....oted earlier, this is not a case for the grant of any unconditional stay. The Banks, by virtue of their strong financial position, cannot claim to be more equal than others placed in a similar predicament. 13. Mr. Gupta, learned Counsel for one of the Applicants, submits that if at all this Court intends to impose any conditions, then, instead of directing a deposit, this Court should consider requiring the Applicants to furnish a Bank guarantee. This suggestion is reasonable. 14. Accordingly, we direct the Respondents not to take any coercive action to recover the penalty amount imposed upon the Applicants by the impugned orders, subject to the Applicants either depositing the amounts which they have been directed to pay or furnishin....