Home Case Index All Cases SEBI SEBI + SC SEBI - 2021 (9) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (9) TMI 1376 - SC - SEBIFraud under SEBI Act - penalty imposed - as contended that the applicant/Dalmia has suffered because of the fraud committed by respondent no.1/IL & FS Securities Services Ltd as well as respondent no.4/Allied Services Pvt. Ltd. - HELD THAT:- Keeping in view the findings recorded by the SEBI about the degree of involvement of the applicant/Dalmia in the said transactions, as revealed in records before us, as well as the involvement of respondent no.4 and tentative findings of fraud by respondent no.4, and also keeping in view that by a separate order penalty has also been imposed on respondents no.1 and 4 by the SEBI (without there being any finding of fraud against respondent no.1), we modify the order dated 16.03.2021 to the following extent: That instead of bank guarantee for a sum of ₹ 344.07 crore, which has been furnished by applicant/Dalmia in terms of our order dated 16.03.2021, the applicant/Dalmia shall now furnish a bank guarantee for a sum of ₹ 100 crores and further it shall furnish a security to the extent of ₹ 300 crores of an unencumbered asset, the value of which may be duly certified by the Chartered Accountant-cum-Valuer, who have no conflict of interest having regard to the parties involved and interest in the subject matter and may be any one of the following. 1. PricewaterhouseCoopers Private Limited 2. Ernst and Young 3. KPMG The bank guarantee already furnished by the applicant/Dalmia to the extent of ₹ 344.07 crores shall stand discharged on the applicant/Dalmia fulfilling the above conditions to the satisfaction of the Trial Court. The applicant/Dalmia shall also file an affidavit before this Court to the extent that the asset, which is being furnished as security, is an unencumbered property. It is clarified that any observations made in this order will not affect the merits of the case, when the appeals are heard on merits.
|