Content Provider | Supreme Court of India |
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e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | Interest: Whether interest can be recovered on orders of penalty issued under SEBI Act and/or orders of disgorgement of unlawful gains when the said amounts have remained unpaid |
Content Type | Text |
Resource Type | Law Judgement |
Jurisdiction | India |
Case Type | Appeal |
Court | Supreme Court of India |
Disposal Nature | Appeal Disposed Off |
Headnote | Whether i/1/erest can be recovered on orders uf penalzv issued under SEBI Act and/or orders of disgorgement of unlawful gains when the said amounts have remained unpaid - Held: Interest Act enables the Tribunals such as Securities Appellate Tribunal to mvard interest in equity, ji·om the date on which cause of action arose, till the date of commencement of proceedings for recovery of such interest - In the present case, interest was payable in equity, because all the penalties collected by SEBI were to be credited to the Consolidated uls. 15JA ofSEBI Act i.e. public purpose - Such interest would be chargeable uh. 28A of SEBI Act rlw. s.220(2) of Income Tax Act only prospectively - Interest Act, 1978 - Securities and Exchange Board of India Act. 1992 - ss.28A and J 5JA -Income Tax Act, 1961 - s.220 - Equity. Interest - Levy of - Whether can have retrospective operation - Held: Interest belongs to the field uf substantive law and nut Procedural lalV - There.fore, cannot have retrospective operation. F Securities and Exchange Board of India Act, 1992: s.28A - Nature of and whether can have retrospective operation - Held: s.28A belongs to the realm of procedural law and would originally be retrospective - But when this provision seeks to levy interest, which belongs to the realm of substantive law. such interest would be chargeable only prospective(v. |
Judge | Hon'ble Mr. Justice R.F. Nariman |
Neutral Citation | 2017 INSC 1004 |
Petitioner | Dushyant N. Dalal And Another |
Respondent | Securities And Exchange Board Of India |
SCR | [2017] 11 S.C.R. 448 |
Judgement Date | 2017-10-04 |
Case Number | 5677 |
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