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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 ..... bhiraj Arora, Mr. Shourya Tanay, Mr. Deepanshu Agarwal, Advocates i/b ELP. For the Respondent (Subhash Chandra) : Mr. Somasekhar Sundaresan, Advocate with Mr. Jitendra Motwani, Mr. Abhiraj Arora, Mr. Shourya Tanay, Mr. Deepanshu Agarwal, Advocates i/b ELP. PER : JUSTICE TARUN AGARWALA, PRESIDING OFFICER (ORAL) 1. We have heard the learned senior counsel for the parties. 2. On July 10, 2023, while disposing of the appeals we had declined to grant an interim order and directed the appellants to file an appropriate reply within two weeks for vacation / modification of the impugned order dated June 12, 2023. We also directed the Whole Time Member (hereinafter referred to as 'WTM') to fix a date of hearing within a week from the date of fili ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . and Mr. Ashwani Bhatia. Mr. Ashwani Bhatia is the WTM who passed the impugned order. Mr. Ananta Barua is going to retire on July 31, 2023 and, therefore, is not in a position to hear and pass an appropriate order before his retirement. Mr. Ananth Narayan G. could have been appointed to hear the matter, but we find that Mr. Ananth Narayan G. was also part of the settlement proceedings and, therefore, in terms of paragraph nos. 36 of our order dated July 10, 2023, there is a possibility that this WTM would be influenced by the discussion that took placed in the settlement proceedings. 7. Considering the aforesaid, we find that there is no WTM at the present moment to hear and decide the matter in terms of our direction which is contained i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in serial no. 19 and 19A, only the WTM under Serial no. 19 can consider the appellants reply and objection for modification / vacation of the ex-parte ad-interim order dated June 12, 2023. 11. It is not known as to when the Central Government will appoint new WTM. The matter is one of urgency since the appellants have been restrained from acting as a directors and / 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. 12. 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 exercis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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