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VIKRAMAJIT SEN, J.

(SAT) which modified the order of the Adjudicating Officer under SEBI, reducing the penalty payable by the Respondent, Roofit Industries Ltd., under Section 15A of the Securities And Exchange Board of India Act, 1992 (SEBI Act) from Rs. 1 crore to Rs. 60,000. In the connected matters, the penalty imposed by the Appellant SEBI was reduced from Rs. 75,00,000 to Rs. 15,000 in five cases and Rs. 60,000 in one case. What formulae, if any, has been followed in these reductions is not forthcoming, making the exercise pregnant to the possibility of arbitrariness if not inconsistency or caprice.

URGENT IES/ID9/SP/17502/02 September 5, 2002 SUJIT PRASAD DY. GENERAL MANAGER INVESTIGATIONS, ENFORCEMENT AND SURVEILLANCE DEPARTMENT email : [email protected] tel.no.:282981 M/s. Roofit Industries Ltd.
501, Sangli Bank Bldg.
296, Perin Nariman Street, Fort, Mumbai – 400001.
From the foregoing, it appears that you do not have any desire to submit the information, as sought by us, and/or do not wish to co-operate in the ongoing investigation in the scrip of M/s. Roofit Industries Ltd.
However, before initiating action in terms of prosecution under Section 24 of the SEBI Act, 1992 and/or levying penalty under Section 15A of the SEBI Act, 1992, you are once again advised to submit the information sought vide our above mentioned summons by September 16, 2002 failing which appropriate action(s) as mentioned above would be initiated and no further communication would be entertained from your end.
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ITEM NO.1A                     COURT NO.12                      SECTION IX

                  S U P R E M E C O U R T O F           I N D I A
                          RECORD OF PROCEEDINGS

Civil Appeal     No(s).    1364-1365/2005

CHAIRMAN SEBI                                                  Appellant(s)

                                         VERSUS

ROOFIT INDUSTRIES LTD.                                     Respondent(s)

WITH
C.A. No. 1366-1367/2005

 C.A. No. 1368-1369/2005

 C.A. No. 1370-1371/2005

 C.A. No. 1372-1373/2005

 C.A. No. 1374-1375/2005

 C.A. No. 1376-1377/2005

 C.A. No. 1378-1379/2005