Mr. K. Natarahjan

SAT-appeal

• Recovery Officer demanded interest on delayed payment of penalty under Section 28A for period before its insertion where penalty orders had no interest clause.
  Impugned RO communications all dated 14 January 2016 quashed and set aside · Matters restored to Recovery Officer for fresh decision on merits and in accordance with law
• SAT matter SATV-67973427B0644CE936FB09B4
  Same order as in Appeal No. 29 of 2012 decided on October 5, 2012
  Appeal: Appeal No. 30 of 2012 decided on 05.10.2012 - disposed in same terms as Appeal No. 29 of 2012
• SAT matter SATV-6C7BD0BFA4EC6D388773E79A
  Same order as in Appeal No.29 of 2012 decided on 5 October 2012 to apply
  Appeal: Appeal No.33 of 2012 decided on 5.10.2012 by applying order in Appeal No.29 of 2012
• Alleged publication and approval of false and misleading financial results for FY 2007-08, including inflated revenue, profits, security deposits and receivables, resulting in a price rise and enabling promoters to raise funds by pledging shares.
  SAT disposed of Appeals Nos. 28 to 35 of 2012 by a common order. · The appeals challenged SEBI restraint directions and monetary penalties arising from alleged violations of FUTP Regulations 3 and 4.
  Appeal: Common SAT order dated 5 October 2012 disposing of Appeals Nos. 28, 29, 30, 31, 32, 33, 34 and 35 of 2012; operative disposition beyond the reproduced text is not stated.
• Recovery Officer demanded interest under Section 28A on delayed penalty payment for period before Section 28A insertion though penalty orders had no interest clause.
  Impugned RO communications dated January 14, 2016 quashed and set aside · Matters restored to Recovery Officer for fresh decision on merits and in accordance with law
• Whether Recovery Officer can demand interest under Section 28A for delayed penalty payment for period before insertion of Section 28A where penalty order had no interest clause.
  Impugned RO communications dated January 14, 2016 demanding interest quashed and set aside · Matters restored to Recovery Officer file for fresh decision on merits and in accordance with law