Tarun Agarwala, Presiding Officer
1. We have heard the learned counsel for the parties. The present appeal has been filed against the confirmatory order dated August 28, 2022. During the pendency of appeal, a show cause notice dated May 25, 2023 was issued. The respondent before us has filed a reply on November 17, 2023. It was urged that the appeal may be disposed of with a direction to the Whole Time Member (‘WTM’ for short) of the Securities and Exchange Board of India (‘SEBI’ for short) to decide the matter pursuant to the show cause notice within a prescribed period.
2. In this regard the learned senior counsel for the respondent upon instructions received to him stated that there are nine noticees in the show cause notice out of which five are before this Tribunal. Further one of the noticee has filed an application seeking cross-examination of a witness for which some date in December 2023 is fixed. The learned senior counsel further contended that the WTM will strive to finalize the proceedings and pass an appropriate order on or before March 31, 2024 provided the noticees do not seek any undue adjournments.
3. Considering the aforesaid and without going into the merits of the appeal, we dispose of the matter directing the WTM to decide the matter after giving an opportunity of hearing to the appellant on or before March 31, 2024. It is made clear that the appellants shall not seek any undue adjournment before the WTM.
4. Pursuant to the ad interim ex parte order dated October 4, 2021 the appellants were debarred from accessing the securities market and were further directed to deposit a sum of Rs. 8.30 crore towards the alleged disgorgement. The amount towards disgorgement has already been deposited by the appellants. It was contended that the debarment order is continuing and their bread and butter solely depends on trading activities on the platform of the stock exchange.
5. Considering the aforesaid, in the event the WTM does not decide the matter on or before March 31, 2024 it would be open to the appellants to move an appropriate application for consideration of interim relief from this Tribunal.
