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TMI Blog2023 (1) TMI 1258X X X X Extracts X X X X X X X X Extracts X X X X ..... cer (Oral) 1. The present appeal has been filed by the appellants questioning the legality and validity of the order dated 13th December, 2021 passed by the Whole Time Member (hereinafter referred to as 'WTM'). 2. The facts leading to the filing of the present appeal is, that the appellants were Directors and Promoters of M/s. Parsoli Corporation Ltd. which was in the business of non-banking finance Company and also a stock broker on the National Stock Exchange of India (hereinafter referred to as 'NSE') and BSE Ltd. (hereinafter referred to as 'BSE'). 3. Pursuant to an investigation conducted by Securities and Exchange Board of India (hereinafter referred to as 'SEBI') it was found that the appellants were engaged in fraudulent activiti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the appeal by the Supreme Court the appellants were required to make the open offer as directed by the WTM by its order dated 27th July, 2010. 8. Since the said directions was not complied by the appellants, the WTM passed the impugned order dated 13th December, 2021 directing the appellants to take steps and complete the process of public offer in terms of the order dated 27th July, 2010 and pending completion of the open offer directed the appellants to deposit a sum of Rs.38,65,21,669/- along with interest @15% p.a. By the said interim order the WTM further directed the appellant to show cause as to why a direction to disgorge an amount equivalent to the gains made by them for not complying with the impugned order and why suitable d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es not suffer from any error of law nor does the order amounts to penalising the appellant again for the same cause of action. 12. As per paragraph 27 of the impugned order, we find that the WTM has calculated the value of the open offer and the amount which is to be paid to the shareholders/investors in terms of Regulation 15(2) of the Delisting Regulations. This amount was directed to be deposited as a safeguard which could eventually be utilised accordingly as and when the appellants makes the open offer. The amount so calculated is a tentative figure and if objected by the appellant can be rectified and revised on the basis of evidence that would be furnished by the appellant while passing a final order. It is for the aforesaid purpose ..... X X X X Extracts X X X X X X X X Extracts X X X X
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