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TMI Blog2023 (8) TMI 200X X X X Extracts X X X X X X X X Extracts X X X X ..... / or key managerial personnel of the company and have been further restrained from accessing the securities market and that is why we have framed the timeline to the WTM to pass an order within a stipulated period. We also find that under Clause 3(2) of the Order of 2019, the power and functions delegated to any member or officer of the Board or authority could be exercised by any officer or authority, higher in grade or rank or position. We direct SEBI to appoint another WTM and if no WTM is available, then any authorised officer higher in grade or rank or position to the WTM would hear and decide the matter. This would be in consonance with the Clause 3(2) of the Order of 2019 relating to delegation of powers dated July 31, 2019. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppropriate orders within two weeks thereafter after giving the appellants an opportunity of hearing. 3. We had also directed Securities and Exchange Board of India (hereinafter referred to as SEBI ) to appoint another WTM other than the WTM who had passed the impugned order dated June 12, 2023. 4. An application dated July 24, 2023 has been filed by SEBI seeking modification / clarification of our order dated July 10, 2023. The prayer made is :- (A) That the Hon ble Tribunal be pleased to review, modify and / or clarify its order dated 10'thJuly 2023 to the limited extent of observations / remarks made in paragraph no. 36 thereof by clarifying that SEBI may appoint Mr. Ananth Narayan G. (Whole Time Member) to consider the ob ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eneral Order dated July 31, 2019 regarding delegation of powers which is known as Securities and Exchange Board of India (Delegation of Statutory and Financial Powers) Order, 2019 (hereinafter referred to as Order of 2019 ). In Part A of this Order at serial no. 19 and 19A the regulatory powers and statutory functions have been delegated to the WTM, Chief General Manager and Executive Director as under :- 19. Issue of Directions / Orders under [Sections 11(1), 11(4), 11(4A), 11B(1), 11B(2), 11D or any regulations framed by SEBI (In cases where interim, confirmatory or revocation order is envisaged in the matter] WTM 19A. Issuing of Directions / ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... functions delegated to any member or officer of the Board or authority could be exercised by any officer or authority, higher in grade or rank or position. For facility, the said provision is extracted hereunder :- 3(2). The powers and functions delegated to any member or officer of the Board or authority under this Order may be exercised by any officer or authority, higher in grade or rank or position to her. 13. In view of the aforesaid and considering the Order of 2019 issued by SEBI, we modify the direction stated in paragraph no. 36 of our order dated July 10, 2023 as under :- 36. We also find that the settlement application filed by the appellants was considered by a Committee under the Settlement Regulations in which ..... X X X X Extracts X X X X X X X X Extracts X X X X
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