BEFORE THE SECURITIES APPELLATE TRIBUNAL

MUMBAI


Appeal No. 232 of 2014

Date of decision: 21.08.2014


Mr. G. Ramakrishanan
No. 53, R- Block, 1
st
Floor,
15
th
Road, Anna Nagar,
Chennai 600 040.



Appellant

Versus


Securities and Exchange Board of India
SEBI Bhavan, Plot No. C-4A, G Block,
Bandra Kurla Complex, Bandra (East),
Mumbai - 400 051.



Respondent


Mr. P. R. Ravi Ganesan, Practicing Chartered Accountant for the Appellant.
Mr. Mihir Mody, Advocate with Mr. Pratham V. Masurekar, Advocate for the
Respondent.


CORAM : Justice J. P. Devadhar, Presiding Officer
Jog Singh, Member
A. S. Lamba, Member



Per : Justice J. P. Devadhar (Oral)



1. By this appeal appellant seeks an order permitting appellant to pay
balance penalty amount in 16 installments without payment of interest.
Admittedly, penalty of ` 25 lac imposed upon appellant on July 29, 2011 by
the adjudicating officer of SEBI was upheld by this Tribunal on October 5,
2012 and Review Application filed against that order has been dismissed by
the Tribunal on January 20, 2014.

Brought to you by http://StockViz.biz
2
2. Admittedly, appellant till date has paid ` 12 lac towards penalty and is
liable to pay balance amount of ` 13 lac. Since SEBI has initiated proceeding
for recovery of penalty with interest, appellant has filed the present appeal.

3. On being pointed out that proceedings for interest are yet to be
finalized, counsel for appellant states that irrespective of six installments
granted by SEBI, appellant would pay entire balance penalty amount of ` 13
lac on or before September 30, 2014 and in that event SEBI may be directed to
waive interest.

4. If appellant pays the balance penalty amount of ` 13 lac on or before
September 30, 2014, SEBI shall consider the application of appellant for
waiver of interest sympathetically.

5. Appeal is disposed of in the above terms with no order as to costs.



Sd/-
Justice J. P. Devadhar
Presiding Officer



Sd/-
Jog Singh
Member


Sd/-
A. S. Lamba
Member
21.08.2014
Prepared and compared by:
PTM
Brought to you by http://StockViz.biz