Mr. Ashok Ramswaroop Panchariya and others

SAT-appeal

• Challenge to Recovery Officer demands for interest on disgorgement and penalty amounts arising from orders passed before Section 28A came into force.
  Appeal: Common decision in Appeal Nos. 41 of 2014, 313 of 2014, 314 of 2014, 315 of 2014, 400 of 2014, 392 of 2015 and 432 of 2015; decision dated 10 March 2017. The supplied text does not include the final operative disposal.
• Challenge to Recovery Officer demands for interest on disgorgement and penalty amounts arising from SEBI orders passed before 18 July 2013.
  Appeal: Appeal Nos. 41 of 2014, 313 of 2014, 314 of 2014, 315 of 2014, 400 of 2014, 392 of 2015 and 432 of 2015 were heard together; decision dated 10 March 2017. Earlier appeals against the Dalal disgorgement order were dismissed by SAT on 12 November 2010 and by the Supreme Court on 21 February 2011; review dismissed on 24 August 2011.
• IPO-related investigation (2003-2005 IPOs) leading to disgorgement of unlawful gains and penalties; dispute is RO levying interest on delayed payment of pre-18.07.2013 orders.
• Whether Section 28A SEBI Act imposes interest for failure to pay amounts under Section 28A in time and if it applies to interest on disgorgement/penalty orders passed prior to 18.07.2013.
  Appeal: Lead Appeal No.41 of 2014 with Nos.313,314,315,400 of 2014 and 392,432 of 2015 heard together; prior appeals against 21.07.2009 order dismissed by SAT on 12.11.2010, Supreme Court on 21.02.2011, Review on 24.08.2011; Appeal No.199 of 2013 disposed on 17.01.2014 permitting present appeal.