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BEFORETHESECURITIESAPPELLATETRIBUNAL

MUMBAI

Misc.ApplicationNo.144of2014
And
AppealNo.303of2014

Dateofdecision:14/10/2014

Mr.N.Narayanan
No.6,1floor,Viswakamal
245,R.K.MuttRoad,
Mylapore,
Chennai600004. Appellant
Versus
Securities&ExchangeBoardofIndia
SEBIBhavan,C4A,GBlock,
BandraKurlaComplex,Bandra(E),
Mumbai400051. Respondent

Mr. N. Narayanan, Appellant in person.


Mr. Kumar Desai, Advocate with Mr. Bhoomin Badani, Advocate
for the Respondent.

CORAM: JusticeJ.P.Devadhar,PresidingOfficer
JogSingh,Member
A.S.Lamba,Member

Per:JusticeJ.P.Devadhar(Oral)

Misc.ApplicationNo.144of2014

There is a delay of 47 days in filing the appeal. An application for


condonationofdelayhasbeenfiled.Forthereasonsstatedintheapplication,
wecondonethedelay.
Misc.Applicationstandsdisposedofaccordingly.
AppealNo.303of2014

1. Appellant in person by this appeal seeks to pay penalty imposed


against appellant by adjudication order dated 28
th
July, 2011. By that order,
penalty of Rs.50 lacs was imposed upon the appellant. Challenging that
order,appellanthadfiledanappealwhichwasdismissedbythisTribunalon
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-2-
5
th
October,2012.FurtherappealfiledbytheappellantbeforetheApexCourt
hasbeenadmittedlydismissedbytheApexCourt.
2. Since appellant failed to pay the penalty, notice of attachment was
issued on 27
th
May 2014 and the bank account as well as demat accounts of
theappellantwereattachedonthesameday.
3. In the meantime, admittedly appellant has paid Rs. 15 lac and
appellantinpersonhaspleadedbeforeusthathehasnofinancialresources,
however, he will make arrangements to pay the balance penalty amount of
Rs.35 lac in installments and SEBI be directed to waive the interest imposed
againsttheappellant.
4. Since the issue relating to waiver of interest and payment in
installments has not been considered by SEBI, we direct the appellant to
make a representation in that connection to SEBI within a period of two
weeksfromtoday.Ifrepresentationismade,SEBIwouldconsiderthesame
sympathetically and pass appropriate order as it deems fit after hearing the
appellant as expeditiously as possible and in any event within a period of
threemonthsfromtoday.
5. Appealisdisposedofintheabovetermswithnoorderastocosts.


Sd/
JusticeJ.P.Devadhar
PresidingOfficer

Sd/
JogSingh
Member

Sd/
A.S.Lamba
Member

14/10/2014
Prepared&comparedbyddg
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