BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Date of Decision : 07.11.2019 Appeal No. 381 of 2018 Mr. Sidhartha Kumar Barik At Gobindpur, P. O. Kesharipur, Via-Soro, Balasore – 756045. …..Appellant Versus

1. Securities and Exchange Board of India SEBI Bhavan, Plot No. C-4A, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051.

2. Real Vision International Ltd. Plot No.- N-6/432, 2nd Floor, In front of Allahabad Bank, IRC Village, Nayapalli, Bhubaneswar – 751015.

3. Mr. Sudhir Kumar Behera At : Daulatabad, G. P. Choudwar Municipality, P. C. Choudwar, Cuttack – 754025.

4. Mr. Ashok Pattnaik Plot No. 432, Prachi Vihar, Palasuni, Rasulgarh, Bhuvaneshwar – 751010.

5. Bidesi Behera At. Girisola, Po. Kirapalli, Ps. Bhanjanagar, Ganjam – 761119.

6. Devi Prasad Mohanty Hakim Pada, Angul N.A.C. Angul – 759143.

7. Rashmi Ranjan Mohanty Nuahata, Banarpal, Angul – 759128.

8. Prasanna Kumar Nayak Patpur, Via – Bahugram, Ps. Salepur, Cuttack

9. Sukanta Biswal At. Chakeisiani, Po. Rasulgarh, PS. Mancheswar, Bhuvaneshwar, Khurda, Pin – 751010.

10. Pabitra Kumar Rath Paik Baghna Bereni – 2, Po. Khamar Sahi, Via – Sattapatna, Ps. Daspalla, Nayagarh. … Respondents

Mr. Balaram Mohanty, Advocate i/b Mohanty & Associates for the Appellant. Mr. Chirag Bhavsar, Advocate with Ms. Eram Quraishi, Advocate i/b MDP & Partners for the Respondent. CORAM : Justice Tarun Agarwala, Presiding Officer Dr. C. K. G. Nair, Member Justice M. T. Joshi, Judicial Member Per : Justice Tarun Agarwala, Presiding Officer (Oral)

1. The Whole Time Member (hereinafter referred to as, ‘WTM’)

of Securities and Exchange Board of India (hereinafter referred to as, ‘SEBI’) passed an order dated December 10, 2015 issuing various directions under Section 11 and 11B of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as, ‘SEBI Act’) to the company and its directors to refund the amount alongwith interest to the investors. This order of the WTM was challenged by the appellant which was dismissed by this Tribunal by an order dated August 17, 2018 in Appeal No. 259 of 2018. The said order was challenged by the appellant before the Hon’ble Supreme Court of India which has also been dismissed.

2. The present appeal has filed against the order of the

Adjudicating Officer (hereinafter referred to as, ‘AO’) whereby the penalty of Rs. 25 lacs has been imposed for non compliance of the order passed by the WTM.

3. Admittedly, the order of the WTM has not been complied till

date even though more than four years have elapsed. The said order has also attained finality since the appeal against the said order was also dismissed by the Hon’ble Supreme Court of India.

4. Having heard the learned counsel for the parties, we do not find

any manifest error in the order of the AO imposing the penalty for non compliance. The Appeal is dismissed. Sd/- Justice Tarun Agarwala Presiding Officer Sd/- Dr. C. K. G. Nair Member Sd/- Justice M. T. Joshi Judicial Member 07.11.2019 Prepared & Compared by PTM