2025 (11) TMI 532

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....vocate with Ms. Khushbu Chhajed, Mr. Nishit Dhruva, Ms. Rasika Ghate and Ms. Khushbu Trivedi, Advocates i/b. MDP Legal ORDER: Per: Justice P.S. Dinesh Kumar, Presiding Officer (Oral) These appeals are directed against the orders passed by AO and WTM, SEBI Adjudicating Officer and Whole Time Member, Securities and Exchange Board of India dated February 14, 2022 and February 27, 2023 respectively. Hence, they are considered simultaneously and disposed of by this common order. 2. We have heard Shri Saurabh Bachhawat, learned Advocate for the appellant and Shri Vyom Shah, learned Advocate for the SEBI. 3. Undisputed facts of the case are, on December 18, 2000, SEBI directed the appellant to refund the monies received fr....

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.... to family members of the promoters. During 1997 to 1998 there was oil spillage from the nearby oil refinery into the land in which teak saplings were planted. Resultantly, the teak plants would not grow. He submitted that pursuant to the directions issued by this Tribunal vide order dated September 3, 2023, appellant has issued newspaper publication offering to refund monies to the investors. Out of 9520 investors, the appellant had refunded some of the investors and remaining were 7740 investors. Out of them, in response to the recent newspaper publications, about 1100 investors have approached the appellant for refund. He pleaded that this Tribunal may consider reducing the quantum of interest, so far as the 1100 investors who have appro....