TMI Blog2020 (6) TMI 646X X X X Extracts X X X X X X X X Extracts X X X X ..... ct that no direction for refund of the amount was issued by the Tribunal is immaterial. Once the order has been set aside, there is no amount to be recovered and consequently any amount so recovered has to be refunded immediately. Respondent has a right to file an appeal before the Supreme Court against the order of the Tribunal. The appeal was allowed by the Tribunal on 21/2/2020. No steps were taken by SEBI to file an appeal before the lockdown i.e. 25/3/2020. Therefore, retention of the money by SEBI was wholly unwarranted, especially when the appellant has also given an undertaking to abide by the order of the Supreme Court, if any. In view of the aforesaid and in view of the undertaking given by the appellant, we dispose of the M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rder of this Tribunal, the appellant filed an application dated 27/2/2020 for refund of ₹ 6,35,521/-. The Respondent instead of refunding the amount issued an email dated 13/3/2020 informing the appellant that SEBI intends to file an appeal before the Supreme Court against the order of the Tribunal and, therefore, the refund of the amount would be subject to the outcome of the appeal before the Supreme Court. The appellant was further informed that there is no specific order for refund of the amount by the Tribunal. 4. The appellant thereafter filed a Misc. Application No. 129/2020 before the Tribunal. This Tribunal directed SEBI to file a reply and posted the application for hearing on 4/4/2020. Before the application could be tak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, we are of the opinion that once the order of the AO imposing a penalty was set aside, there was no justification for SEBI to withhold any amount which was recovered pursuant to the order of the AO. Such retention of the amount after the order of the AO has been set aside, is without any authority of law. The fact that no direction for refund of the amount was issued by the Tribunal is immaterial. Once the order has been set aside, there is no amount to be recovered and consequently any amount so recovered has to be refunded immediately. 9. The Respondent has a right to file an appeal before the Supreme Court against the order of the Tribunal. The appeal was allowed by the Tribunal on 21/2/2020. No steps were taken by SEBI to file an a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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