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Judgment
One of the question that arises for consideration is whether the stock exchange can levy a penalty in the absence of any time line to fill up the post of Non Independent Director. Further, a question arises on the basis of a statement made by the learned counsel for SEBI as to whether they have power to examine and exempt or extend the time period for filling up the post which according to the statement there is nothing.
Let a reply be filed by all the stock exchanges and SEBI within three weeks. Three weeks thereafter to the appellant to file rejoinder. Matter would be listed for admission and for final disposal on 21st December, 2021.
Parties are directed to contact the Registrar 48 hours before the date fixed to find out as to whether the hearing would take place through video conferencing or through physical hearing.
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.