SEBI had passed an order in October 2020 barring Atul, Rahul, Alpana and Arti Kirloskar as well as Jyotsna Kulkarni (appellants) from accessing the securities market for a period of six months.
The appellants then approached the SAT in appeal, which stayed the order in December that year, subject to an undertaking to the effect that they would not sell their shares in Kirloskar Industries Limited (KIL).
Consequently, their demat accounts were de-freezed except to the extent of the shares held by them in KIL.
In October 2022, SAT made its earlier interim order final by quashing the SEBI order of October 2020. Despite this, the appellants’ shares in KIL remained frozen.
SAT imposes ₹5 lakh costs on SEBI for failing to de-freeze Kirloskar family demat accounts despite orders - Bar & Bench - Indian Legal News
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