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Judgment
We have heard Shri Vinay Chauhan, the learned counsel for the appellant and Shri Venkatesh Dhond, the learned senior counsel for the respondent
through video conference. Pursuant to our order the appellant has deposited some amount in part. Shri Dhond has fairly stated that as on date the
shortfall towards the recouping of the clients funds is to the tune of Rs. 1.67 crore. On the other hand, according to the appellant Rs. 2.17 crore / Rs.
2.40 crore is parked with IL&FS Securities Services Limited who is the clearing member of the appellant and that amount has to be released by the
said IL&FS. In this regard we direct the respondent to place on record the circulars and the bylaws relating to the liability of the clearing member. Let
an affidavit be filed bringing on record the circulars, bylaws etc. within a week.
List this matter again on October 16, 2020.
We also direct all the parties to approach the Registrar of this Tribunal 48 hours before the date fixed in order to find out as to whether the present
appeal would heard through video conference or through physical hearing depending on the prevailing situation.
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 Presiding Officer 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.