We have heard the learned counsel for the parties at some length. The learned counsel for the respondent, on instructions from the Board, states that the monetary penalty by the impugned order has been imposed only on the first appellant and that the said amount shall be recovered from its assets and that the respondent Board shall not proceed to recover the same from the second appellant in his personal capacity.
On this statement being made, the learned counsel for the appellant does not press the appeal and makes a prayer that he may be allowed to withdraw the same. Since the second appellant is a director of the first appellant, the former shall furnish to the respondent Board the details of the assets of the first appellant as in August 2004 and the assets which the company holds as on date. This information shall be furnished before the end of January 2010.
The appeal is dismissed as withdrawn with the aforesaid directions. No costs.
Sd/- Justice N.K. Sodhi Presiding Officer Sd/- Samar Ray Member 4.1.2010 Prepared & Compared By: Prerana