TaxTMI 
TaxTMI 
2026 (9) TMI 1675
X X X X Extracts X X X X
X X X X Extracts X X X X
.... ('SEBI'), thereby passing certain interim directions which are reproduced below: 221. "In view of the foregoing, in order to protect the interest of the investors and the integrity of the securities market, I, in exercise of the powers conferred upon me in terms of section 19 read with sections 11(1), 11(4) and 11B of the SEBI Act, 1992, hereby issue the following directions: i. The bank accounts of Noticees are impounded jointly and severally to the extent of amount as mentioned in the table below, and they are directed to open fixed deposit account(s) in their names so as to credit or deposit the aforesaid impounding amount as per the following table with a lien marked in favour of SEBI and the amount kept therein shall....
X X X X Extracts X X X X
X X X X Extracts X X X X
....o be allowed for amounts available in the account in excess of the amount to be impounded. Banks are allowed to debit the accounts for the purpose of complying with this Order; vi. The Registrar and Transfer Agents shall ensure that, they neither permit any transfer nor redemption of securities, including Mutual Funds units, held by Noticees; vii. Noticees shall not dispose of or alienate any of their assets/properties, except with the prior permission of SEBI; viii. Noticees are further directed to provide a full inventory of all their assets whether movable or immovable, or any interest or investment or charge in any of such assets, including property, details of all their bank accounts, demat accounts, holdings....
X X X X Extracts X X X X
X X X X Extracts X X X X
....oner submits that an ex parte order has been passed against him, without affording any opportunity to refute the allegations. He submits that though certain figures have been mentioned in the impugned order, the same are not borne out from the record. 3. He submits that, similarly, the respondent department though considered the profit made by the petitioner, have failed to take note of the losses suffered, and therefore a lien of a huge amount of money has been created. 4. The learned Senior Counsel for the respondent, at the outset, submits that the petitioner has an efficacious alternate remedy in the form of an appeal before the Securities Appellate Tribunal ('SAT') under Section 15(T) of the Securities and Exchange Board of India....