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Judgment
Tarun Agarwala, Presiding Officer
The Tribunal by its order dated 3rd December, 2019, directed the Whole Time Member, SEBI to decide the matter pursuant to the show-cause
notice dated 31st July, 2017 within six months. The period of six months would expire on 30th June, 2020 and, on account of the extension of the
lockdown till 30th June, 2020, the present application has been filed by SEBI for extension of time by three months.
We have heard Mr. Mihir Mody, learned counsel for the Applicant (Org. Respondent) and Mr. Nithish Bangera, the appellant in person. The
appellant pointed out that the investigation in this matter has been going on for the past 10 years and the matter has not reached its logical conclusion
and, therefore submitted that the Tribunal may consider this aspect of the matter in the event the Tribunal intends to extend the period.
Considering the peculiar facts and circumstances of the case and considering the prevailing situation on account of the COVID-19 pandemic and
the lockdown being extended by the Government of Maharashtra till 30th June 2020, we dispose of the Misc. Application directing SEBI to positively
decide the matter on or before 15th August, 2020.
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.