TMI Blog2017 (8) TMI 1714X X X X Extracts X X X X X X X X Extracts X X X X ..... due till the date of actual payment - As argued Director of the company had confirmed that the resignation letter of the appellant as been accepted in the Board Meeting, neither involved in the business activities/operations nor the appellant took part in any Board Meetings, General Meetings, thus nor the appellant was paid with any remunerations or fees or had not taken any monitory benefits whatsoever in cash or kind. HELD THAT:- In the Memorandum of Appeal the appellant has annexed a letter which is written by appellant to the Managing Director of the company wherein the appellant has clearly stated that he intends to discontinue as a Director of the company with effect from 15.05.2010. This letter addressed by the appellant to the co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7 1. There is delay of 439 days in filing the appeal. By this Miscellaneous Application, applicant seeks condonation of the said delay. For the reasons stated in the application, delay is condoned. 2. Miscellaneous Application is disposed of accordingly. Appeal No. 47 of 2017 3. 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 12.10.2015. By the said order Suraksha Agrotech Industries Limited ( the company for short) and its Directors including the appellant are jointly and severally directed to forthwith refund the money collected by the company through the issuance by Redeemable Preference Shares wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the company with effect from 15.05.2010. This letter addressed by the appellant to the company completely falsifies the case sought to be made out in the Appeal that he had resigned on 10.03.2009 and the same was accepted by the company on 12.03.2009. Even the letter addressed by the Whole Time Director and Authorised Signatory Mr. Subrata Das on 12.05.2010 to the effect that the appellant during the period from 24.11.2008 to 12.05.2010 was not at all involved in the business activities/operation of the company is falsified by the letter addressed by the appellant on 12.05.2010 wherein the appellant intended to discontinue as a Director of the company with effect from 15.05.2010. Argument advanced by counsel that the appellant was compel ..... X X X X Extracts X X X X X X X X Extracts X X X X
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