Re: Summon Received from SEBI Special Court
The assessee fulfills all the criterias for filing of declaration under VSV Act.
However, in Feb, 2020 assessee received a summon from SEBI Special Court Mumbai for same issue which was involved in appeal. As per the notice the his attendance was enforced to answer a charge u/s 26(1) r.w.s 24(10 and section 27 of SEBI Act, 1992 r.w.s.193 of Code of Criminal Procedure for Violation of section 129A) of SEBI Act and Regulation 3(a), (b) , (c), (d) and Regulation 4(2)(a), (e) of SEBI (Prohibition of Fraudulent and unfair trade practices).
Will assessee still be eligible for the scheme or will he be covered by exceptions as provided in section 9 of DTVSV Act, 2020
As we understand, the assessee fulfils all the criteria to be eligible under VSVA. Section 9 of VSVA is an exhaustive list to whom the Act shall not apply. As the case of the assesee does not fall under any of the criterion under section 9 of VSVA. The assessee can avail the benefit of the scheme .
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