Alfavision Overseas (India) Ltd. And ANR v. Securities And Exchange Board Of India And ANR

3-APPA-209-2017.doc

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

CRIMINAL APPELLATE JURISDICTION CRIMINAL APPLICATION NO.209 OF 2017 IN CRIMINAL APPEAL NO.119 OF 2017 ALFAVISION OVERSEAS (INDIA) LTD.&ANR.)...APPLICANTS V/s.

SECURITIES AND EXCHANGE BOARD OF ) INDIA AND ANR.

)...RESPONDENTS Mr.H.V.Shingnapurkar h/f. Mr.V.H.Shingnapurkar, Advocate for the Applicants.

Mr.P.H.Gaikwad-Patil, APP for the Respondent - State. Mr.Omprakash Jha i/b. The Law Point, Advocate for Respondent - SEBI.

CORAM

:

A. M. BADAR, J.

DATE :

17th FEBRUARY 2017 P.C. :

This is an application for suspension of sentence and for releasing applicants / accused on bail during pendency of the appeal filed by them.

Heard the learned advocate appearing for applicants / original accused as well as the learned advocate appearing for avk 1/2

3-APPA-209-2017.doc respondents. Perused the impugned judgment and order of conviction.

For the offence punishable under Section 20(1) of the Depositories Act, 1996, applicants / accused have been convicted and sentenced to suffer rigorous imprisonment for 6 months apart from payment of fine of Rs.5,000/-, in default, to undergo further simple imprisonment for 3 months. It is reported that the fine amount is already paid.

Considering the short sentence imposed upon the applicants / accused and the fact that the appeal will take its own time for disposal, the following order :

i) The application is allowed.

ii) Substantive sentence imposed upon applicant / accused is suspended and the applicant / accused is directed to be released on bail on his executing P.R.Bond in the sum of Rs.15,000/- and on furnishing surety.

(A. M. BADAR, J.) avk 2/2