2022 (9) TMI 1485

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..... r. Adv. with Mr. Ashish Aggarwal, Ms. Sandamini Sharma, Ms. Jasmine Kaur, Ms. Nikita Sharma, Advs. for SEBI ORDER W.P.(C) 13322/2022 & CM APPL. 40430/2022 (Stay) & CM APPL. 40431/2022 (Lengthy Synopsis & List of Dates), 40432/2022 (for exemption) This writ petition has been preferred against an order dated 22 February 2021 passed by the Adjudicating Authority in terms of the provisions made .....

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..... e adversely impacted by the decision ultimately taken. It was contended that misconstruing that decision, earlier also the respondents had initiated coercive action against the petitioner which constrained him to prefer a writ petition before this Court. That writ petition being W.P.(C) 4517/2017 ultimately came to be disposed of on 05 February 2018 with the following operative directions:- 19. .....

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..... o say if the Recovery Officer reaches a contrary conclusion, then, the Board would continue to hold the moneys and use the same as mandated by law. 20. With the aforesaid observations, the writ petition is disposed of. Learned counsel drew the attention of the Court to the relevant parts of the said decision in which too the petitioner had urged that no liabilities could be foisted upon the p .....

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..... ed that in case the Recovery Officer find merit in the challenge so raised, it would not continue the proceedings as initiated against the petitioner. It was further observed that in case it reached a contrary conclusion, it would be open for the Board to continue to hold the monies and utilise the same in accordance with law. Learned counsel seeks to draw sustenance from the fact that subsequentl .....

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..... proceedings which flow from the power of the respondents to levy penalties under the Act stand on a completely distinct footing. In that view of the matter, it would be appropriate for the petitioner to raise all objections and contentions before the Appellate Tribunal. The writ petition shall consequently stand dismissed on the ground of alternative remedy.
Case laws, Decisions, Judgements .....

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