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TMI Blog2024 (12) TMI 615X X X X Extracts X X X X X X X X Extracts X X X X ..... made an order dated 11 January 2023 prejudicing the Petitioner s interest to deal with the property of Respondent Nos. 4 and 5, the possession of which is already taken over by the Petitioner by resort to the provisions of SARFAESI Act 2002. HELD THAT:- In this case, the SEBI has made an order directing Respondent Nos. 4 and 6 in this Petition not to dispose of or alienate any of the assets, whether movable or immovable (including funds in their bank accounts), or create any interest or charge in any such assets, till such time the refunds/repayments as directed in paragraphs 61 (f) and 61 (g) are completed. This order is not challenged in this petition. Assuming this is so, there can be no ambiguity about appealing the order dated 11 Janu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the impugned communications, which forms the basis of the SEBI s order dated 11 January 2023. Considering the legal position and the SEBI s objection to the entertainability of this petition against the impugned communications on the grounds of the availability of alternate remedy, the interests of justice would be met if liberty, as prayed for, is now granted. Liberty in the above terms is now granted. If an appeal is instituted within four weeks of uploading this order, we request the SAT dispose of it on the merits without mentioning the limitation issue. The learned Counsel for the Respondents have also agreed that they will not raise the limitation issue and will argue the matter on the merits. Accordingly, we dispose of this Petit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 400051 under SARFAESI Act. Ref: Standard Chartered Bank letters dated January 02, 2024 and January 03, 2024 Please refer to our earlier letter no. SEBI/HO/MIRSD-SEC1/SD/SJR/2003/20039/1 dated May 18, 2023. with reference to your current letters dated January 02 03, 2024 on the captioned matter, we would like to re-iterate the stance as conveyed in the earlier letter dated May 18, 2023 wherein reference was made to Section 37 of SARFAESI Act 2002 Application of other laws not barred, which states as follows:- The provisions of this Act or the rules made thereunder shall be in addition to, and not in derogation of, the Companies Act, 1956 (1 of 1956), the Securities Contracts (Regulation) Act, 1956 (42 of 1956), the Securities and Exchange B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncluding fine and/or penalty to the noticees or parties involved. Therefore, I say that the Impugned Communications issued by the Respondent No. 1 are only that - communications thus have no binding effect. These are not orders passed by Respondent No. 1. The Impugned Communications merely contain only opinion of Respondent No. 1 as to which law would prevail. Therefore, I say and submit that no writ can lie against private letters issued by Respondent No. 1 which have no binding effect. 6. Mr Andhyarujina, the learned Senior Advocate for the SEBI, also submitted that the SEBI has only expressed its opinion in response to the petitioner's request for such an opinion. He submitted that no Writ Petition would lie to challenge such private ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ner s interest to deal with the property of Respondent Nos. 4 and 5, the possession of which is already taken over by the Petitioner by resort to the provisions of SARFAESI Act 2002. 10. In its affidavit in reply, the SEBI has objected to the entertainment of this Petition, inter alia, by contending that the Petitioner has a remedy of an appeal under Section 15-T of the SEBI Act. Ms Raghavan, however, submitted that the impugned communications might not qualify as an order made by SEBI. Therefore, there would be some ambiguities about the maintainability of an appeal under Section 15-T of the SEBI Act. 11. Assuming this is so, there can be no ambiguity about appealing the order dated 11 January 2023 made by SEBI based on the opinion communi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d with the opinion in the impugned communications, which forms the basis of the SEBI s order dated 11 January 2023. 15. Ms Raghvan requests liberty to appeal SEBI s order dated 11 January 2023 and states that if such liberty is granted, an appeal will be instituted within four weeks of today. Considering the legal position and the SEBI s objection to the entertainability of this petition against the impugned communications on the grounds of the availability of alternate remedy, the interests of justice would be met if liberty, as prayed for, is now granted. 16. Liberty in the above terms is now granted. If an appeal is instituted within four weeks of uploading this order, we request the SAT dispose of it on the merits without mentioning the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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