Securities Appellate Tribunal
Dr. Jugal Kishore Satapathy vs Sebi on 18 January, 2018
Author: J.P. Devadhar
Bench: J.P. Devadhar
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date of Decision : 18.01.2018
Misc. Application No. 55 of 2017
And
Appeal No. 61 of 2017
Dr. Jugal Kishore Satapathy
Plot No. A/7, Phase II,
Krishna Garden Complex,
Barabari, ...Appellant
Bhuvaneshwar - 30.
Versus
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1.Securities and Exchange Board of India, SEBI Bhavan, Plot No. C-4A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051.
2. Micro Finance Ltd. Annpurna House, Rasulgarh, Bhuvaneshwar - 751001.
3. Mr. Durga Prasad Misra Annpurna House, Rasulgarh, Bhuvaneshwar - 751001.
4. Mr. Ashok Kumar Patnaik Annpurna House, Rasulgarh, Bhuvaneshwar - 751001.
5. Mr. Baikuntha Nath Patnaik Annpurna House, Rasulgarh, Bhuvaneshwar - 751001.
6. Ms. Padmabati Patnaik Annpurna House, Rasulgarh, Bhuvaneshwar - 751001.
7. Ms. Shantilata Patnaik Annpurna House, Rasulgarh, Bhuvaneshwar - 751001.
8. Ms. Sashi Patnaik Annpurna House, Rasulgarh, Bhuvaneshwar - 751001.
9. Mr. Haricharan Jena Annpurna House, Rasulgarh, Bhuvaneshwar - 751001.
10. Mr. Dharmananda Swain Annpurna House, Rasulgarh, Bhuvaneshwar - 751001.
211. Mr. Bijoy Kumar Rautray Annpurna House, Rasulgarh, Bhuvaneshwar - 751001. ...Respondents Ms. Kainaz Irani, Advocate i/b M/s. Mohanty & Associates for the Appellant.
Mr. Gaurav Joshi, Senior Advocate with Mr. Chirag Bhavsar, Advocate i/b MDP & Partners for the Respondent.
CORAM : Justice J.P. Devadhar, Presiding Officer Jog Singh, Member Dr. C.K.G. Nair, Member Per : Justice J.P. Devadhar (Oral) Misc. Application No. 55 of 2017:-
1. By this Miscellaneous Application appellant seeks waiver of court fees payable on the present appeal.
2. By our order dated February 6, 2017 we had permitted the appellant to withdraw Appeal No. 475 of 2016 with liberty to file fresh appeal within a period of two weeks from that day. Since the present appeal is filed pursuant to the directions given by our aforesaid order dated February 6, 2017, registry is directed to adjust the court fees paid on Appeal No. 475 of 2016 towards the court fees payable on the present appeal.
3. Miscellaneous Application is disposed of accordingly with no order as to costs.
Appeal No. 61 of 2017:-
1. This appeal is filed to challenge the order passed by the Whole Time Member ('WTM' for short) of Securities and Exchange Board of India ('SEBI' for short) on October 27, 2016. By the said order Micro Finance Ltd. and its promoters and directors including the appellant are, inter alia, 3 directed jointly and severally to refund the monies collected through the issuance of Cumulative Convertible Preference Shares to the allottees with interest at the rate of 15% per annum from the date of receipt of money till the date of such refund.
2. Basic grievance of the appellant is that the impugned order is passed without giving an opportunity of personal hearing to the appellant.
3. Learned Counsel for SEBI fairly states that in the present case no document is available on record to show that the notice of hearing was personally served on the appellant. However, counsel for SEBI submitted that by a public notice the date of personal hearing was intimated to the appellant.
4. Since the notice of hearing was not personally served on the appellant, in our opinion, it would be just and proper to set aside the impugned order qua the appellant and direct SEBI to pass fresh order after hearing the appellant.
5. Accordingly, without going in to the merits of the case, we quash the impugned order qua the appellant and direct SEBI to pass fresh order after giving an opportunity of hearing to the appellant.
6. Appeal is disposed of in the aforesaid terms with no order as to costs.
Sd/-
Justice J.P. Devadhar Presiding Officer Sd/-
Jog Singh Member Sd/-
Dr. C.K.G. Nair Member 18.01.2018 Prepared and compared by: msb