9911796707
TMI Blog2015 (4) TMI 517X X X X Extracts X X X X X X X X Extracts X X X X ..... recovery certificate dated May 22, 2014 it is stated that appellant is liable to pay outstanding fees amounting to Rs. 17,89,494/- along with interest, all costs, charges and expenses and appellant was called upon to pay the said amount within 15 days of the receipt of the said recovery certificate. Since appellant failed to pay the amount within the specified date, by notice dated June 16, 2014 SEBI called upon NSE to remit Rs. 17,89,494 from the deposits of the appellant which were lying with NSE. 2. Grievance of the appellant is that the impugned recovery certificate has been issued on the basis of provisional liability statement of SEBI dated August 25, 2004 which was made available to the appellant through U.P. Stock Excahnge Ltd. alo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t pursuant to the notice dated June 16, 2014 the amounts have already been remitted by NSE to SEBI vide NSE's letter dated June 17, 2014. Hence, the appeal has become infructuous. 4. We have carefully considered rival contentions. 5. Basic grievance of the appellant is that the recovery certificate has been issued on the basis of provisional liability statement dated August 25, 2004 and without considering the auditors certificate furnished on April 5, 2002 and again on April 30, 2004. Since SEBI has issued fee liability statement on March 14, 2005 and April 20, 2005 subsequent to the appellant furnishing auditors certificate, it is evident that the said fee liability statements dated March 14, 2005 and April 20, 2005 constitute final fee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 013 was also dismissed. Thus, it is evident that instead of paying fee liability as per the fee liability determined by SEBI on March 14, 2005 and April 20, 2005 the appellant has been initiating proceedings one after the other with a view to stall payment of fee liability. Since appellant failed to pay the outstanding fees due and payable to SEBI within 15 days of the receipt of the recovery certificate dated May 22, 2014, SEBI issued notice to NSE on June 16, 2014 and accordingly, NSE on June 17, 2014 has remitted entire amount to SEBI from the deposits of appellant lying with NSE. 8. Thereafter, appellant has filed the present appeal in gross abuse of the process of law. The recovery certificate was issued based on the fee liability sta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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