2025 (11) TMI 866

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Application No. 279 of 2025], With Appeal No. 797 of 2022, 798 of 2022, 799 of 2022, 800 of 2022, 801 of 2022, And Appeal No. 199 of 2023 [Along with Misc. Application No. 1768 of 2022] - -<br>Securities / SEBI<br>Justice P.S. Dinesh Kumar, Presiding Officer, Ms. Meera Swarup, Technical Member, And Dr. Dheeraj Bhatnagar, Technical Member For the Appellant : Ms. Kapila Mahendroo, Advocate i/b A....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d that SEBI vide exparte order dated June 5, 2013 had imposed penalty of Rs. 5 Lakhs each on all noticees. The appellants herein had challenged the said ex-parte order dated June 5, 2013 in Appeal Nos. 161, 168, 162, 163, 167, 165 and 164 of 2013. By order dated 18.12.2013 the said ex-parte order was set aside and the AO was directed to pass a fresh order. Thereafter, another ex-parte order was pa....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....013 the AO, SEBI had imposed penalty of Rs. 5 Lakhs. After the first remand, the AO increased the penalty to Rs. 18 Lakhs vide order dated October 9, 2020. When challenged, after the second remand, the AO has sustained the penalty of Rs. 18 Lakhs. It was contented that this is impermissible in law, because, if the first ex-parte order dated June 5, 2013 had remained unchallenged, the maximum penal....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Undisputed facts of the case are that by the ex-parte order dated June 5, 2013, the AO, SEBI had imposed a penalty of Rs. 5 Lakhs. If that order were not challenged, it would have attained finality. By challenging the said order, the appellants got an opportunity to put forth their case before SEBI. After they appeared before the SEBI, the penalty has been increased to Rs. 18 Lakhs. We see some fo....