BEFORE THE SECURITIES APPELLATE TRIBUNAL

D ate of Decision : 28 . 6 .201 9

Appeal No. 96 of 201 5

1. Sicorp Finlease Ltd 11, Anand Mangal Shanti Nagar CHS Ltd., Jain Mandir Road, Sector 3, Mira Road (East), – 401107 . ….. App ell ant 2. Shirish Shah 4 th Floor, Meghdoot, Flat No. 21, 95B, N. S. Road, Marine Drive, Mumbai - 400 002 .

3. Sandhya Shirish Shah 4 th Floor, Meghdoot, Flat No. 21, 95B, N. S. Road, Marine Drive, Mumbai - 400 002.

4. Pravina Chandrakant Shah 18, Dhootpapeshwer Building, 3 rd Floor, Mangalwadi, Gi rgaun , Mumbai - 400 004.

Versus

Securities and Exchange Board of SEBI Bhawan, Plot No.C4 - A, ‘G’ Block, Complex, Bandra (E), Mumbai, 400051. … Respondent

With Appeal No. 159 of 2015

1. Si corp Finlease Ltd 11, Anand Mangal Shanti Nagar CHS Ltd., Jain Mandir Road, Sector 3, Mira Road (East), Thane – 401107. ….. Appellant 2 . Sandhya Shirish Shah 2

4 th Floor, Meghdoot, Flat No. 21, 95B, N. S. Road, Marine Drive, Mumbai - 400 002.

3 . Pravina Chandrakant Shah 4 th Floor, Meghdoot, Flat No. 21, 95B, N. S. Road, Marine Drive, Mumbai - 400 002.

Versus

Securities and Exchange Board of India SEBI Bhawan, Plot No.C4 - A, ‘G’ Block, Bandra Kurla Complex, B andra (E), Mumbai, Maharashtra 400051. … Respondent

With Misc. Application No. 303 of 2015 And Appeal No. 429 of 2015

1. Sicorp Finlease Ltd 11, Anand Mangal Shanti Nagar CHS Ltd., Jain Mandir Road, Sector 3, Mira Road (East), Thane – 401107. ….. Appellant 2 . Mrs. Sandhya Shirish Shah 4 th Floor, Meghdoot, Flat No. 21, 95B, N. S. Road, Marine Drive, Mumbai - 400 002.

3 . Mrs. Pravina Chandrakant Shah 4 th Floor, Meghdoot, Flat No. 21, 95B, N. S. Road, Marine Drive, Mumba i - 400 002.

Versus

Securities and Exchange Board of India SEBI Bhawan, Plot No.C4 - A, ‘G’ Block, Bandra Kurla Complex, Bandra (E), Mumbai, Maharashtra 400051. … Respondent 3

M s . Rinku Valanju , Advocate for the Appellant .

Mr. M ustafa Doctor , Senior Advocate with Mr. Mihir Mody and Mr. Sushant Yadav , Advocate i/b. K. Ashar & Co. for the Respondent .

CORAM: Justice Tarun Agarwala, Presiding Officer Dr. C.K.G. Nair, Member Justice M.T. Joshi, Ju dicial Member

Per : Justice Tarun Agarwala (Oral)

1. Appeal no.440 of 2015 has been filed against an order of the Recovery Officer refusing to recall its attachment order. During the course of hearing of that appeal we found that the attachment order passed by the Recovery Officer had been set aside by the Tribunal in Appeal no.96 of 2015. The

Tribunal while allowing the appeal by order dated

24.11.2017 also directed the WTM/AO of SEBI to re - decide the matter on merits and further directed that till s uch time the matter is not decided the attachment order would continue to operate.

2. We accordingly called for the records of Appeal no.96 of 2015 and other connected appeals. On a query raised by us , the learned senior counsel informed the Tribunal on i nstructions received by him f rom SEBI that investigation is 4

still going and is likely to take some time for the final

disposal and, therefore, the Tribunal may vacate the order of

attachment as stipulated in the order dated 24 th November,

2017.

3. In the l ight of the aforesaid s tatement we find it appropriate to vacate the order of attachment as stipulated in para 9 of the order dated 24 th November, 2017. The order dated 24.11.2017 is modified accordingly, suo moto by us.

S E BI is directed to inform the Rec overy Officer as well as the Banks as early as possible.

Sd/ - Justice Tarun Agarwala Presiding Officer

Sd/ - Dr. C. K. G. Nair Member

Sd/ - Justice M.T. Joshi Judicial Member

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