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Judgment
We have heard Mr. Somasekhar Sundaresan, Advocate assisted by Mr. Kunal Katariya, Advocate, Mr. Ravi Vijay Ramaiya, Chartered
Accountant and Mr. Sahebrao Buktare, Advocate for the Appellant and Mr. Suraj Chaudhary, Advocate with Ms. Nidhi Singh and Ms. Kinjal Bhatt,
Advocates for the Respondent.
One of the questions that arises for consideration is whether the appellant could be termed as an insider on the basis of receiving information on
Whats app group and forwarding to others again through Whats app. This requires consideration.
Four weeks time is allowed to the respondent to file a reply. Three weeks thereafter to the appellant to file rejoinder. The matter would be listed for
admission and for final disposal on 15th December, 2020.
In the meantime, if the appellant deposits a sum of Rs.3 lakhs within four weeks from today before the respondent the balance amount shall not be
recovered during the pendency of the appeal. The amount so deposited shall be kept in an interest bearing account and would be subject to the result
of the appeal. Misc. application is accordingly disposed of.
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.