2010 (7) TMI 1143 - AT - Companies Law

Summary

Issues involved: Appeal against ad interim ex parte order dated April 23, 2009, and the appellant being kept out of the market on the basis of the ex parte order.

Summary:
The Securities Appellate Tribunal heard the appeal against the ad interim ex parte order dated April 23, 2009. The appellant's primary grievance was that no further steps had been taken by the respondent Board since the order, resulting in the appellant being excluded from the market. The appellant had filed a reply to the ad interim order, treated as a show cause notice. During the preliminary hearing on July 23, 2010, the respondent Board presented an order confirming the ex parte order. Upon inspection of the order, it was found to be a reproduction of the earlier order. The respondent Board served the appellant with a show cause notice based on an inspection and obtained the appellant's reply. The designated authority recommended a warning penalty to the appellant, but the designated member disagreed with the findings and was proceeding further. The Tribunal decided that the interim order against the appellant should not continue, and directed that the operation of the order dated July 20, 2010, remain stayed during the appeal's pendency. The original file was returned to the respondent Board to be produced at the final hearing.