Stampede Capital Ltd. vs Sebi
- CitationAppeal No. 145 of 2021
Ratio decidendi
The rule this decision rests on
The Tribunal, in granting interim relief, held that where the disablement of a trading terminal appears prima facie harsh, pending a forensic audit of other alleged charges, the impugned measure may be kept in abeyance during the pendency of the appeal, with a schedule for reply, rejoinder and final hearing.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date : 19.03.2021
Misc. Application No. 243 of 2021 (Urgent Hearing) And Misc. Application No. 284 of 2021 (Urgent Hearing) And Appeal No. 145 of 2021
Stampede Capital Ltd. ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Somasekhar Sundaresan, Advocate with Ms. Sabeena Mahadik, Mr. KRCV Seshachalam, Mr. Pankaj Uttaradhi, Mr. Sagar Hate, Advocates for the Appellant.
Mr. Nimay Dave, Advocate with Mr. Rashid Boatwalla, Mr. Pruthvi Dhinoja, Mr. Aditya Vyas, Advocates i/b MKA & Co. for the Respondent. 2
ORDER :
1. As an interim measure by the impugned order the Committee
of stock exchange by an order dated March 8, 2021 has disabled the
terminal of the appellant with immediate effect for alleged violation
of change in control of the company. There are other charges
relating to the misuse of client funds, negative networth, etc., for
which a forensic audit has already been initiated. Prima-facie, the
disablement of terminal as an interim measure appears to be harsh.
2. Let a reply be filed by the respondent within three weeks from
today. Two weeks thereafter to the appellant to file rejoinder. The
matter would be listed for admission and for final disposal on
May 10, 2021.
3. In the meanwhile, paragraph No. 20(a) of the impugned order
shall remain in abeyance during the pendency of the appeal.
4. Parties will take instructions from the Registrar 48 hrs. before
the date fixed in order to find out as to whether the appeal would be
heard through video conference or through physical hearing. 3
5. The present matter was heard through video conference due
to Covid-19 pandemic. At this stage it is not possible to sign a copy
of this order nor a certified copy of this order could be issued by the
Registry. In these circumstances, this order will be digitally signed
by the Private Secretary on behalf of the bench and all concerned
parties are directed to act on the digitally signed copy of this order.
Parties will act on production of a digitally signed copy sent by fax
and/or email.
Justice Tarun Agarwala Presiding Officer
Dr. C. K. G. Nair Member
Justice M. T. Joshi Judicial Member 19.03.2020 RAJALA Digitally signed by RAJALAKSHMI PTM KSHMI H NAIR Date: 2021.03.22 H NAIR 11:51:00 +05'30'
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