2025 (11) TMI 1718

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....2024 [Along with Misc. Application, 615 of 2024 [Along with Misc. Application No. 1349 & 1103 of 2024] No. 1350 of 2024], 616 of 2024, 617 of 2024, 618 of 2024 - -<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 : &nbsp;Mr. Janak Dwarkadas, Senior Advocate with Mr. Kunal Mehta, Mrs. Manik Joshi, Mr. Mantul Bajpai, Mr. Vrushabh Vig and Mr. Vikrant Nalavade, Advocates i/b. M/s. Crawford Bayley & Co., Mr. Pesi Modi, Advocate, Mr. Vikram Nankani, Senior Advocate i/b., Mr. Monish K. Vig, Advocate, Mr. Kunal Katariya, Advocate i/b. Mr. Monish K. Vig, Advocate, Mr. Ravi Kant Purohit, Advocate For the Respondent : Mr. Chetan....

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....conducted an investigation into the affairs of Rana Sugars Limited ("the Company" for short) for the FY 2014-2015 to FY-2020-21. The investigation revealed that the promoters and directors had diverted or siphoned of the fund of the Company by using some private limited companies indirectly controlled by the managing director and his family members. A show cause noticed dated 10.08.2023 was issued alleging inter alia that the company has transferred funds to noticees No. 11 to 15, who had in turn transferred the funds to the appellants (noticees No. 2 to 9 and their family members). The show cause notices were served. In response, all 15 noticees submitted their reply. Noticees were given an opportunity of hearing. The advocate appearing on....

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....ts Directors to decide various issues including whether the cause of action in Civil suits would be barred by limitation. He submitted that the inspection period is for FY-2014-2015 to FY-2020-2021. Therefore, the suits will be barred by limitation. 7. Learned Senior Advocate for the appellant further contended that in the event the suits are dismissed, the hardship caused by imposition of penalties would be irreversible as the appellants would have suffered the penalty. 8. Opposing the interim prayer, Shri Chetan Kapadia, learned Senior Advocate for the respondent submitted that the impugned order was passed by exercising the powers under Section 11(1),11(4), 11(4A), 11B(1) and 11B(2) of the SEBI Act, 1992. Section 11(1) enjoins the ....