Mukeshkumar Narendrakumar Gupta vs Securities And Exchange Board Of India on 10 July, 2018

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Gujarat High Court

Mukeshkumar Narendrakumar Gupta vs Securities And Exchange Board Of India on 10 July, 2018

Bench: Bela M. Trivedi

       C/SCA/18521/2015                                       ORDER



        IN THE HIGH COURT OF GUJARAT AT AHMEDABAD

         R/SPECIAL CIVIL APPLICATION NO. 18521 of 2015
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            MUKESHKUMAR NARENDRAKUMAR GUPTA
                            Versus
          SECURITIES AND EXCHANGE BOARD OF INDIA
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Appearance:
MR P P MAJMUDAR(5284) for the PETITIONER(s) No. 1,2,3,4,5,6
MR. ADITYA AJAYKUMAR CHOKSI, ADVOCATE FOR MR PARITOSH
CALLA(2972) for the RESPONDENT(s) No. 3,4,5
NOTICE SERVED(4) for the RESPONDENT(s) No. 2
MS. POONAM MATHUR WITH MS. TRISHA BAXI, ADVOCATES FOR
SINGHI & CO(2725) for the RESPONDENT(s) No. 1
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 CORAM: HONOURABLE MS.JUSTICE BELA M. TRIVEDI

                              Date : 10/07/2018

                               ORAL ORDER

1. The only prayer prayed for in the present petition is to direct the respondent - SEBI to implement its order dated 01.04.2014 passed by WTM/PS/01/IMD/APR/2014, more particularly, the direction issued in para 7 (d) of the said order (Annexure 'F'), and further to direct that the funds collected from the Investors be refunded to them with interest.

2. Relevant part of the directions issued by SEBI in order dated 01.04.2014 reads as under : -

"7-d. Alderbrooke Portfolio Management Services Pvt. Limited and its Directors namely Mr. Anandkumar Kanubhai Ravat and Mr. Jalpeshkumar Amrutlal Makwana shall refund the funds collected from the investors with returns which are due to the investors as per the terms of investment within a period of one (1) month from the date of this order Page 1 of 2 C/SCA/18521/2015 ORDER and submit a repayment report to SEBI alongwith a certificate of refund from a practicing Chartered Accountant failing which the following actions shall follow :

i. SEBI would initiate prosecution proceedings under Section 24 of SEBI Act, 1992 against Alderbrooke Portfolio Management Services Pvt. Limited and its Directors namely Mr. Anandkumar Kanubhai Ravat and Mr. Jalpeshkumar Amrutlal Makwana ii. SEBI would make a reference to the State Government/Local Police to register a civil/criminal case against Alderbrooke Portfolio Management Services Pvt. Limited / its promoters / its Directors and its managers / persons in-charge of the business and its schemes for offences of fraud, cheating, criminal breach of trust and misappropriation of funds; and iii. SEBI would make a referene to the Ministry of Corporate Affairs, to initiate the process of winding up of the Company Alderbrooke Portfolio Management Services Pvt. Limited."

3. As transpiring from the affidavit-in-reply filed on behalf of the respondent SEBI, the SEBI has already initiated the necessary action pursuant to the aforesaid directions. Hence, the cause of action, as such, does not survive. However, it is expected that the SEBI shall take further actions pursuant to the said directions as expeditiously as possible against the respondent Company.

4. Subject to the said observations, the present petition is disposed of.

(BELA M. TRIVEDI, J) AMAR SINGH Page 2 of 2

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