Appeal No.74/2005
Date of Decision
23.02.2006
In the matter of:
Paramount Bio-tech Industries Ltd.,
Appellant – Represented by Mr. J.J. Bhatt, Advocate.
Versus
Securities & Exchange Board of India
Respondent – Represented by Mr. Subhash Jha, along with Mr. Jimesh Shah, Advocates, Mr. Praveen Trivedi, Dy. Legal Advisor, SEBI.
Coram:
Justice N. K. Sodhi, Presiding Officer
C. Bhattacharya, Member
R. N. Bhardwaj, Member
Per: Justice N. K. Sodhi, Presiding Officer(Oral)
After arguing the case for almost the whole day, the learned counsel appearing for the appellant on receipt of instructions from his client states that he may be allowed to withdraw the appeal. He further submits that as regard the collective hybrid hi-tech agro farming/plantation projects are concerned only about Rs.4 lacs are outstanding to the investors and that the company is finding it difficult to refund the amount as it does not have their latest/complete addresses. He undertakes on behalf of the appellant that a public notice shall be given at a prominent place in some newspaper having wide circulation in north India informing the investors to come and collect their amounts along with interest. The appellant company has undertaken to refund the amount to the investors with 10% interest.
Dismissed as withdrawn.
The appellant shall remain bound by the undertaking, given to the Tribunal.
Presiding Officer
C. Bhattacharya
Member
R. N. Bhardwaj
22/02/2006