Securities Appellate Tribunal
Pancard Clubs Limited & Others vs Securities and Exchange Board of India on 14 December 2015
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
DATE : 14.12.2015
Misc. Application No. 332 of 2015
In
Appeal No. 254 of 2014
Pancard Clubs Ltd.
111/ 113, Kalyandas Udyog Bhawan,
Near Century Bhavan, Prabhadevi,
Mumbai – 400 025.
….. Applicant
(Org. Appellant)
Versus
Securities & Exchange Board of India
SEBI Bhavan, Plot No. C-4A, G Block,
Bandra Kurla Complex, Bandra (East),
Mumbai - 400 051.
…… Respondent
(Org. Respondent)
Mr. Pradeep Sancheti, Senior Advocate with Mr. Jas Sanghavi, Ms. Shilpi Jain, Advocate i/b PDS Legal for the Applicant.
Mr. Shyam Mehta, Senior Advocate with Ms. Shruti Chiniwar, Mr. Saurabh Bachawat, Advocates i/b K. Ashar & Co. for the Respondent.
CORAM : Justice J. P. Devadhar, Presiding Officer Jog Singh, Member
Per : Justice J. P. Devadhar (Oral)
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1. By this miscellaneous application applicant / appellant seeks to sell off / dispose / create charge on its assets as mentioned in Exhibit 4 to the Miscellaneous Application. Counsel for SEBI submits that SEBI has no objection if the applicant / appellant sell off / dispose / create charge on the above assets subject to the following conditions :-
1. The applicant should provide details of the customers to whom payment has to be made, the amount collected from such investors and the maturity amount being paid to these customers.
2
2. The applicant should obtain a valuation report of the assets specified in Exhibit 4 of the application from a government approved valuer.
3. The valuation given by the valuer should be kept as a reserve price for sale of a property and all the above said properties shall be disposed in a transparent manner such a public auction.
4. The applicant has to ensure that all the investors are being repaid the complete amount due to them.
5. The applicant should submit quarterly report regarding the repayment made and also submit auditor’s certification regarding the payments made on quarterly basis.
6. Any relief given by the Hon’ble SAT should not affect the adjudication as well as the 11B proceedings initiated against the applicant.
2. Subject to the appellant / applicant complying with the aforesaid conditions, the applicant is permitted to sell off / dispose / create charge in respect of the assets specified in the Exhibit 4 to the Miscellaneous Application.
3. Miscellaneous Application is disposed of accordingly.
Sd/- Justice J. P. Devadhar Presiding Officer
Sd/- Jog Singh Member 14.12.2015 Prepared & Compared by PTM
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