Securities Appellate Tribunal
Hariharan Vaidyalingam vs Sebi on 13 August, 2020
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date : 13.8.2020
Misc. Application No.210 of 2020
(Application for Urgent Hearing)
Misc. Application No.211 of 2020
(Interim Application)
And
Appeal No.477 of 2018
Hariharan Vaidyalingam ...Appellant
Versus
Securities and Exchange Board of India ...Respondent
Mr. Chetan Kapadia, Advocate with Ms. Sabeena Mahadik,
Mr. Rahul Sarda, Mr. Pankaj Uttaradhi, Mr. Sagar Hate and
Mr. Aayush Kothari, Advocates i/b Sabeena Mahadik for the
Appellant.
Mr. Shyam Mehta, Senior Advocate with Mr. Mihir Mody
and Mr. Shehaab Roshan, Advocate i/b. K. Ashar & Co. for
the Respondent.
With
Misc. Application No.212 of 2020
(Application for Urgent Hearing)
Misc. Application No.213 of 2020
(Interim Application)
And
Appeal No.397 of 2019
Hariharan Vaidyalingam ...Appellant
Versus
Securities and Exchange Board of India ...Respondent
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Mr. Chetan Kapadia, Advocate with Ms. Sabeena Mahadik,
Mr. Rahul Sarda, Mr. Pankaj Uttaradhi, Mr. Sagar Hate and
Mr. Aayush Kothari, Advocates i/b Sabeena Mahadik for the
Appellant.
Mr. Shyam Mehta, Senior Advocate with Mr. Mihir Mody
and Mr. Shehaab Roshan, Advocates i/b. K. Ashar & Co. for
the Respondent.
Order:
1.We have heard Mr. Chetan Kapadia, Advocate assisted by Ms. Sabeena Mahadik, Mr. Rahul Sarda, Mr. Pankaj Uttaradhi, Mr. Sagar Hate and Mr. Aayush Kothari, Advocates for the Appellant and Mr. Shyam Mehta, Senior Advocate assisted by Mr. Mihir Mody and Mr. Shehaab Roshan, Advocates for the Respondent through video conferencing.
2. Considering the facts and circumstances that has been brought on record, I direct that the two appeals will be listed for hearing through video conferencing on 2nd September, 2020 at 11.30 a.m. In the meanwhile, the paper book may be scanned and given to the Tribunal.
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3. A plea was made by the Appellant that some interim protection may be granted as in the meanwhile the Respondent has not only attached the bank accounts but has also attached two immovable properties which are far in excess of the amount to be recovered under the impugned order. It was urged that pending disposal of the appeal direction be issued to the Recovery Officer not to proceed further.
3. I am of the view that it is open to the Appellant to file an objection before the Recovery Officer under Section 28A of the Securities and Exchange Board of India Act, 1992 read with Section 226(3) of the Income Tax Act and the Rules connected therewith. If such an application is filed by the Appellant the said application will be considered in accordance with law.
4. I am not inclined to pass any interim order at this stage. Misc. Application No.210 of 2020 for urgency and Misc. Application No.211 of 2020 for interim relief in Appeal No.477 of 2018 and Misc. Application No.212 of 2020 for urgency and Misc. Application No.213 of 2020 for interim relief in Appeal No.397 of 2019 are accordingly disposed of. 4
5. Parties are directed to contact the Registrar 48 hours before the date fixed to find out as to whether the hearing would take place through video conferencing or through physical hearing.
6. The present matter was heard through video conference due to Covid-19 pandemic. At this stage it is not possible to sign a copy of this order nor a certified copy of this order could be issued by the registry. In these circumstances, this order will be digitally signed by the Presiding Officer on behalf of the bench and all concerned parties are directed to act on the digitally signed copy of this order. Parties will act on production of a digitally signed copy sent by fax and/or email.
TARUN Digitally signed by TARUN AGARWAL DN: c=IN, o=PUBLIC WORKS DEPARTMENT UTTAR PRADESH, postalCode=221505, st=Uttar Pradesh, 2.5.4.20=30fcf68685192bbc53e6ff1608a83fb3881de7ac2a Justice Tarun Agarwala AGARWAL b7954d509c85ed6e0f7c41, serialNumber=095f8b286bb0b1cd07ff676611f4f5e799972 7d404aa38ca422f9d3529bdb8a3, cn=TARUN AGARWAL Date: 2020.08.13 17:56:42 +05'30' Presiding Officer 13.8.2020 RHN