TaxTMI 
TaxTMI 
2025 (11) TMI 687
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.... Ratan Singh, Mr. Rushikesh Dusane and Mr. Ankit Ujjwal, Advocates i/b. Agama Law Associates ORDER Per: Justice P. S. Dinesh Kumar, Presiding Officer (Oral) This appeal is directed against the order dated January 30, 2025 passed by CGM Chief General Manager, SEBI Securities and Exchange Board of India, restraining the appellants from accessing the securities market and prohibiting them from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner for a period of 5 years and a penalty of Rs. 20 lakhs. 2. We have heard PCS Anand Kankani, learned authorised representative for the appellant and Shri Vishal Kanade, learned advocate for SEBI. 3. On the ....
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....s the present one, where directions have been issued, the appellant- Company has to clearly prove as to why its revival should be by way of modifying the SEBI directions and why the appellant is pressing for equity infusion by way of combination of Debt and/ or Equity or under a JV or any other suitable model. 9. In reply, Shri Kankani submitted that the prospective investor is neither a related party nor connected to the previous management of the appellant- Company. He is not connected to Mr. Ranganathan Venkatraman and Mr. Vishwamurthy Phalanetra, who are co-noticees along with the appellant Company. 10. He also clarified that the permission to infuse funds by way of equity is being sought in order to ensure that the prospective in....
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....efore, this Tribunal is of the view that it is just and appropriate to allow the Company to revive it by considering infusion of funds, which will be in the best interest of the public shareholders and stop further losses. He also submitted that prior to the issuance of Equity Shares, the prospective investor undertakes to deposit Rs. 50 Crores by way of loan to the appellant after taking necessary regulatory approvals for External Commercial Borrowings. 15. Shri Kankani has submitted that the appellant- Company accepts all findings and undertakes to pay the penalty within six weeks from today. He prayed that acceptance of impugned order by the Company may not be treated as acceptance by the other noticees who have filed separate appeals....
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....he form of an affidavit from the said Dr. Shailesh Hiranandani, Chairman SRAM & MRAM Group, UK stating that he or his group of Companies are neither related to nor connected, in any manner whatsoever, with the previous Management of the appellant including Mr. Ranganathan Venkatraman and Mr. Vishwamurthy Phalanetra, who are co-noticees along with appellant in the impugned order and who are still members of its Board of Directors. The said affidavit shall be filed before the SEBI within four weeks from today. (iii) The fresh equity investment shall remain locked-in for a period of 18 months from the date of Issue in accordance with law. (iv). The appellant's prayer to permit the prospective investor to undertake to deposit ....