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The High Court of Madras, comprising Hon'ble R.K. Agrawal, Acting Chief Justice, and M. Sathyanarayanan, J., addressed writ appeals under Clause 15 of the Letters Patent against a common order dismissing writ petitions (WP Nos. 1214 and 1292 of 2013) filed under Article 226 of the Constitution of India. The petitions sought a Writ of Certiorari Mandamus to quash the order No. WTM/RKA/SRO/66/2012 dated 31-12-2012, preventing the petitioner company from accessing the capital market.
The writ petitions were dismissed on the grounds that an effective alternative remedy was available before the Securities Appellate Tribunal (SAT). However, at the time of filing the writ appeals, the SAT lacked a Judicial Member, functioning with only a Non-Judicial Member, prompting the court to grant an interim order. Subsequently, Mr. G. Masilamani, Additional Solicitor General, informed the court of the appointment of Justice Shri Jaiparakash P. Dayadhar as the Presiding Officer/Judicial Member of the SAT, thus removing the impediment for the appellants to approach the Tribunal. The court concluded that the appellants could invoke the appeal remedy before the SAT within two weeks from receiving the judgment copy and could seek interim orders pending appeal disposal. The interim order granted by the court was to continue until the SAT entertained the appeals and passed orders on interlocutory applications. The SAT was instructed not to enforce the limitation period for filing appeals if done within the specified two-week period. The writ appeals were disposed of with no costs, and connected miscellaneous petitions were closed.
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