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TMI Blog2019 (9) TMI 1562X X X X Extracts X X X X X X X X Extracts X X X X ..... (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 - HELD THAT:- As appellants states that the appellants have already deposited a sum of 1,50,000/- (Rupees one lakh fifty thousand) on 2nd May, 2019 and that the interest amount due till the date of deposit @ 12% p.a. would be deposited within two weeks. Respondents state if the said amount is so deposited, the respondents would ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... swal, AOR, Mrs. Rani Mishra, Adv., Ms. Pratiksha Tripathi, Adv. For the Respondent : Mr. Pratap Venugopal, adv., Mr. Surekha Raman, Adv., Ms. Viddusshi, Adv., M/S. K J John And Co, AOR ORDER We have heard learned counsel for the parties. The Adjudication Order dated 22nd April, 2003 leaves no matter of doubt that the appellants before us were in violation of Regulation 7(1) and (2) of the Secu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er, 2018. It has been brought to our notice that in pursuance of the Adjudication Order, a notice of demand dated 21st September, 2017 was served on the appellants which included the penalty amount as also the interest from the date of imposition of the penalty to the date of the notice @ 12% p.a. amounting to ₹ 2,59,693/- (Two lakhs fifty nine thousand six hundred ninety three) apart from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ence subject to any penalty which may be imposed under Section 24(2) of the said Act. In view of the facts set out herein and the age of the directors, despite the earlier reservation expressed by the respondents in the counter affidavit on account of the conduct of the appellants, we are inclined to compound the offence on the aforesaid amount being paid as assured before us by learned counsel f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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