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Judgment
We have heard Mr. Sharan Jagtiani, Senior Advocate assisted by Mr. Akshay Doctor, Advocate and Dr. S. K. Jain (PCS) for the Appellants and
Ms. Nidhi Singh, Advocate assisted by Ms. Kinjal Bhatt, Advocate for the Respondent through video conference. A contention was made that there is
undue delay in the issuance of notice as well as in the passing of the impugned order. It was contended that the last hearing took place on 19th
February, 2019 and it took more than 17 months to pass the impugned order on 3rd September, 2020. It was thus urged that the impugned order
debarring the appellant from accessing the securities market should be stayed during the pendency of the appeal.
We are of the opinion that a reply should be filed by the respondent before we consider the stay application. We accordingly direct the respondent
to file a reply within four weeks. Three weeks thereafter to the appellant to file rejoinder affidavit. List on 11th December, 2020.
In the event the matter is not finally decided on that day it will be open to the appellant to press the interim application. Misc. Application no.328 of
2020 is disposed of accordingly.
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 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.