ASHVIN CHINUBHAI SHAH Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) The present Interim Application is filed by the Applicant, who stand convicted for the offence under Sec. 15HA, punishable under Sec. 24(2) of the Securities and Exchange Board of India Act , 1992, by the Judgment of the SEBI Special Judge, delivered on 24/9/2019. By the impugned Judgment, on being convicted, the applicant is sentenced to pay fine of Rs.5,00,000.00, in default to undergo Simple Imprisonment for six months. The judgment direct the amount of fine to be distributed as under :-

(2.) The Applicant has preferred an Appeal against the said conviction under Sec. 374 of the Cr.P.C. alongwith an Application for seeking suspension of the sentence. Since the Appeal is filed within the period of limitation, the same is admitted.

(3.) The Interim Application seek suspension of the sentence, while the Appeal is pending for adjudication before this Court. Heard the leaned counsel Mr.Manish Bohra for the Applicant and bared Prosecutor Mr.S.K. Halwasia alongwith Mr.Vijay Hiremath for SEBI,Respondent No.2, which is a contesting party. Heard the learned APP Ms.P.N. Dabholkar representing the State, a formal party to the proceedings.