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Judgment
M. Sathyanarayanan, J.—The writ petitions filed by the company as well as by the promoter respectively were dismissed on the ground that
an effective alternative remedy is available before the Securities Appellate Tribunal and now challenge is made to the said common order passed in
the writ petitions, by preferring these writ appeals. When the writ appeals were listed for admission it was represented that the Securities Appellate
Tribunal is not having a Judicial Member and it is functioning with a single Non-Judicial Member and therefore, as on date of moving the writ
appeals, there is no possibility of preferring the appeals before, the Tribunal. This Court taking into consideration the said fact, granted interim
order for a period of two weeks and that has been extended from time to time.
Mr. G. Masilamani, the learned Additional Solicitor General, represented that as per the notification issued by the Ministry of Finance
(Department of Economic Affairs) (Capital Market Division) dated 11-7-2013, Justice Shri Jaiprakash P. Dayadhar, former Justice of Mumbai
High Court, has been appointed as the Presiding Officer/Judicial Member for the Securities Appellate Tribunal, Mumbai, and therefore, there is no
impediment for the appellants hearing to move the Appellate Tribunal.
Heard the submissions of the learned counsel appearing for the appellants, and also the learned counsel appearing for the second respondent. In
view of the constitution of the Securities Appellate Tribunal, the appellants herein are at liberty to invoke the appeal remedy before the said
Tribunal and file appeals within a period of two weeks from the date of receipt of copy of this judgment and pending disposal of the appeals, are
also at liberty to move interlocutory applications for grant of interim orders and till the appeal petitions are entertained and orders are passed in the
interlocutory applications, the interim order grained by this Court on 7-3-2013, and extended from time to time, shall continue. The Securities
Appellate Tribunal need not insist upon the limitation for filing the appeals before it of the same are filed within the period of two weeks from the
date of receipt of copy of the judgment. Both these writ appeals are disposed of accordingly. No costs. Consequently, connected MPs are closed.