9911796707
TMI Blog2012 (11) TMI 1239X X X X Extracts X X X X X X X X Extracts X X X X ..... 2 November 2011 of Securities & Exchange Board of India (SEBI). The petitioner has also filed an appeal, which is pending before the Securities Appellate Tribunal under Section 15T of the Securities And Exchange Board Of India Act, 1992. The petitioner has, however, prayed for a direction to the Union of India to appoint the presiding officer in the appellate tribunal for hearing the appeals including Appeal No.225 of 2011 filed by the petitioner. The Petitioner has also prayed for writ of prohibition to prohibit the members of the Securities Appellate Tribunal from functioning as officiating presiding officer of the tribunal. 2. There is no dispute about the fact consequent upon relinquishing of the charge by Justice N.K.Sodhi, as the pre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Chief Justice of a High Court. Provided that the Presiding Officer of the Securities Appellate Tribunal shall be appointed by the Central Government in consultation with the Chief Justice of India or his nominee. (2) A person shall not be qualified for appointment as Member of a Securities Appellate Tribunal unless he is a person of ability, integrity and standing who has shown capacity in dealing with problems relating to securities market and has qualification and experience of corporate law, securities laws, finance, economics or accountancy: 4. In the affidavit-in-reply dated 30 July 2012 filed on behalf of Union of India, it has been stated that selection committee headed by a sitting Judge of the Supreme Court has been constitu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s to preside over the sitting of the Tribunal either at a place where its office is situated or at such other place falling within its jurisdiction as it may deem fit by the Appellate Tribunal. 18(2) Orders shall be pronounced in the sitting of the Appellate Tribunal by the Presiding Officer or in case of the temporary absence of the Presiding Officer, by the Member authorized under sub-rule (2) of rule 5. (emphasis supplied) In view of the above provisions, the Government of India has been empowered to authorize one of the two members to preside over the sitting of the Tribunal. 7. The learned counsel for the petitioner would, however, submit that Rule 5(2) only contemplates temporary absence of the presiding officer and it would no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5M of the Act, authorization given to one of the two members of the appellate tribunal has to be treated as a temporary arrangement and therefore, we find no merit in this contention. 10. Even if the above contentions were to be accepted, another person who to be appointed to the post of the presiding officer of the appellate tribunal will have to possess the qualification stipulated in Section 15M of the Act. Since the selection committee constituted for the purpose is not in a position to find any eligible and willing person as per that provision, it is obvious that even under Section 15P the presiding officer cannot be appointed. The Government of India is, therefore, justified in resorting to the provisions of sub-rule (2) of Rule 5 of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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