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Judgment
Tarun Agarwala, Presiding Officer
The present appeals have been filed for quashing of the show cause notice dated December 10, 2020. A further prayer has been made that the
appellants may be permitted to make a representation and be given an opportunity of being heard. The appellants have further prayed that the demat
account should be unfreezed.
During the pendency of the appeal, it transpires that the appellants were given an opportunity of hearing and thereafter a fresh order has been
passed by the exchange wherein the representation for defreezing the demat account has been rejected.
In view of the aforesaid, we are of the opinion that the only relief remains before this Tribunal in the present appeals is with regard to the quashing
of the show cause notice. We are of the opinion, that the show cause notice cannot be quashed by this Tribunal at this stage. The remedy available to
the appellants is to file a reply to the show cause notice and contest the matters before the authority concerned. We are further of the opinion that the
opportunity of hearing would be provided to the appellants before final orders are passed pursuant to the show cause notice.
In so far as the defreezing of the demat account is concerned, since a fresh order has been passed it would open to the appellants to challenge that
order before the appropriate forum. We further direct the respondent to decide the matters pursuant to the show cause notice expeditiously preferably
within a period of three months from today.
The appeals are dismissed with the aforesaid observation. The Misc. Applications are disposed of accordingly.
The present matters were 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.