Rajkumar Saraf & Anr vs Securities And Exchange Board Of India

Heard both the sides. Four weeks’ time is allowed to the respondent to file an affidavit-in-reply. Two weeks thereafter to the appellants to file

affidavit-in-rejoinder, if any.

In the meantime, the effect and operation of the impugned order shall remain stayed on the condition that the appellants will deposit a sum of Rs. 70

lacs with the respondent within three weeks from today. Amount so deposited will be kept in an interest bearing account by the respondent and would

be subject to the decision of the appeal.

Stand over to November 27, 2020 for final disposal.

Parties are directed to seek 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.

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.