Balvir Singh v. Securities & Exchange Board of India & Ors.
Case brief
What is this about?
The Court quashed an order attaching the petitioner's bank accounts because the Recovery Officer failed to issue a mandatory 15-day notice before attachment. Funds were retained in trust pending a fresh notice.
What did the court decide?
Impugned order of attachment set aside; liberty granted to Recovery Officer to issue fresh notice; funds retained in trust.
What the court decided
$~7
- IN THE HIGH COURT OF DELHI AT NEW DELHI
Judgment pronounced on: 05.02.2018
- W.P. (C) 4517/2017, CM APPL.19724/2017
BALVIR SINGH ..... Petitioner
Through: Mr. Sunil Kumar, Sr. Advocate with Mr. Hiren Dasan, Mr. Uday Gupta, Mr. Chand Qureshi, Ms. Shanti Pandey and Mr. M.K. Tripathi, Advocates.
Versus
SECURITIES & EXCHANGE BOARD OF INDIA & ORS
..... Respondents
Through: Mr. Neeraj Malhotra, Sr. Advocate with Mr. Ashish Aggarwal, Advocate and Mr. J. Srinivas, Officer from SEBI. Ms. Surabhi Anand, Advocate for R-3.
CORAM:HON'BLE MR. JUSTICE RAJIV SHAKDHER
%
Issues for consideration
2 issues framed by the court
Whether attachment of petitioner's bank accounts was valid without issuing a 15-day notice as required under the Second Schedule of the Income Tax Act.
Whether the petitioner was required to refund investor funds or was merely restrained from dealing in securities markets.
Parties & counsel
- petitioner
BALVIR SINGH
- respondent
SECURITIES & EXCHANGE BOARD OF INDIA & ORS
Coram
RAJIV SHAKDHER
Case details
As recorded by the court registry
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