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TMI Blog2017 (11) TMI 2043X X X X Extracts X X X X X X X X Extracts X X X X ..... Co. for the Appellant. Mr. Karan Bhosale, Advocate with Mr. Vivek Shah, Advocate i/b ELP for the Respondent. ORDER Per : Dr. C.K.G. Nair, Member (Oral) 1. This appeal is filed by the appellant to challenge the order passed by the Whole Time Member ('WTM' for short) of Securities and Exchange Board of India ('SEBI' for short) on October 12, 2015. By the said order Suraksha Agrot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... admitted by the Company that the said amount had been collected and they refunded Rs. 5.49 crore (approximately) till the date of their personal hearing before the WTM of SEBI on April 22, 2015. 3. Mr. S.N. Bhalerao, Learned Counsel for the appellant submitted that the appellant was not in the day-to-day management of the Company. He was only associated with the dairy projects being a technical ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by this Appellate Tribunal in the case of Mr. Barun Kumar Nandi vs SEBI [Appeal No. 47 of 2017 decided on 01.08.2017] whereby the joint and several liability of the appellant therein has been held to be limited to the period of his directorship of the same Company and submitted that the same benefit should be given to the appellant in this appeal as well. 5. Learned Counsel Mr. Karan Bhosale appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 11.08.2011 during which the RPS was issued and monies collected from the investors. As such he was present during the entire period and therefore no benefit of apportioning the time period is available to him as in the case of Mr. Nandi. The accountability of a Director to the actions of the Company is now well settled in law as particularly set out in the judgment passed by the Apex Court in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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