MR.NIRMAL KUMAR KOTECHA Vs. DIRECTORATE OF ENFORCEMENT

JUDGEMENT

(1.) Criminal Petition No.11332 of 2023 is filed by Accused No.1 and Criminal Petition No.11515 of 2023 is filed by Accused No.3, seeking regular bail in connection with the Enforcement Case Information Report (ECIR) No. ECIR/HYZO/08/2023 dtd. 15/2/2023.

(2.) Since the petitioners in both the criminal petitions are accused No 1 and 3 in the said ECIR, both the petitions are disposed by this common order.

(3.) Briefly, the case of Enforcement Directorate (ED) is that M/s.Taksheel Solutions Limited (for short "TSL") Company made various mis-statements and failed to disclose information in the offer document. The Securities and Exchange Board of India (for short "SEBI") inquired and conducted preliminary investigation. Thereafter, an ad-interim exparte order dtd. 28/12/2011 was filed against TSL and its Management. Consequently, SEBI passed a levying order dtd. 30/6/2014 levying penalty of Rs.76,00,00,000.00against 16 different entities which were involved, for various violations under the SEBI Act. The said adjudication order was challenged by most of the entities. The SEBI Appellate Tribunal (for short "SAT") remanded the case back to the adjudicating authority since opportunity was not given and the orders were passed ex-parte.