TMI Blog2015 (4) TMI 517X X X X Extracts X X X X X X X X Extracts X X X X ..... statements dated March 14, 2005 and April 20, 2005 constitute final fee liability statement. Moreover, it is relevant to note that challenging the provisional fee liability statement dated August 25, 2004 (served on September 2, 2004) as also the final fee liability statement drawn up by SEBI on March 14, 2005 and April 20, 2005, appellant had filed Appeal No. 158 of 2012 with Misc. Application seeking condonation of delay before this Tribunal inter alia alleging that the fee liability statement has been issued without considering the arguments raised on behalf of the appellant. On August 22, 2012 this Tribunal declined to condone the delay and accordingly the appeal filed by the appellant was dismissed. Thereupon, appellant filed Civil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thin 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 ₹ 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. alongwith its letter dated August 27, 2004. It is contended on behalf of appellant that without any formal order passed by SEBI supporting such provisional liability statement, it was not proper on part of SEBI in issuing the impugned r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 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 liability statement. 6. Moreover, it is relevant to note that challenging the provisional fee liability statement dated August 25, 2004 (served on September 2, 2004) as also the final fee liability statement drawn up by SEB ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther 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 statement dated August 25, 2004, March 14, 2005 and April 20, 2005 which were all served on the appellant. Moreover, appellant had repeatedly challenged those fee liability statements of SEBI by initiating proceedings one af ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
