Amitava Sarkar vs SEBI on 8 October 2026

ORDER:

In substance, appellant’s case is, he was a Director in Greater Kolkata Infracon Limited for 85 days.

2. In our prima facie view, the direction contained in Paragraph No. 52(a) of the SEBI’s order (at Page No.128 of the appeal), is to the effect that if any NCDs were issued during the period when he was a Director, he shall become liable to comply with the order.

3. Admitted position is, appellant’s property has been attached. He has not challenged the adjudication order, but challenged only the recovery and attachment certificate.

4. We have heard Mr. Ranit Basu, learned Advocate for the Appellant and Mr. Sumit Rai, learned Advocate for SEBI.

5. It is necessary to bring on record the exact period during which the appellant was a Director and the money collected during that period. Appellant shall provide all details to SEBI with regard to the period during which he was a Director and the bank account details, if available with him. Thereafter, SEBI shall bring on record the period of appellant’s Directorship and the money received during that period.

6. Call on December 10, 2026.

Justice P. S. Dinesh Kumar Presiding Officer

Ms. Meera Swarup Technical Member

Dr. Dheeraj Bhatnagar Technical Member

08.10.2026 KVP PRERNA MANISH KHARE Digitally signed by PRERNA MANISH KHARE Date: 2026.10.09 17:30:14 +05'30'