NUCLEUS SECURITIES LIMITED Vs. UNION OF INDIA

JUDGEMENT

(1.) Heard the learned Advocate for the parties.

(2.) In the instant case, the CEGAT has allowed the appeal filed by the petitioners. The petitioners are seeking a direction to the respondents to refund the said amount as per CEGAT order.

(3.) Mr. Chatterjee, learned Counsel appearing for the respondents stated that reference has been filed in this court in respect of nine out of twenty persons against whom the show cause notices were issued and the said reference covers the petitioners case as well. However, he is unable to show how mere filing of reference would operate as stay of the order of the CEGAT. Moreover, the petitioners are prepared to give a written undertaking to this court that in case the reference is decided against the petitioners, they will bring back the amount with interest as may be fixed by the Court. In view of the above, we direct the respondents to refund the amount as per the CEGAT's order within a period of eight weeks, subject to the petitioners filing a written undertaking as above.