Decided on September 08,2010



N.K.Sodhi, Presiding Officer (Oral) - (1.) BY our order dated April 15, 2010 we disposed of the main appeal with a direction to the respondent Board to conclude the on going investigations before July 31, 2010. We are informed that the investigations have concluded and that the respondent is in the process of analyzing the investigation report for the purpose of taking further action in the matter. We had declined to interfere with the interim order passed by the whole time member debarring several entities including the appellant from accessing the securities market pending investigations. The present application has been filed with a prayer that the appeal be restored to its original number and heard and disposed of on merits since the respondent Board has not so far taken any further action against the applicant / appellant. It is pointed out that by an ex parte order dated April 28, 2009 the appellant, among others, had been debarred from accessing the securities market till further orders and that order had been confirmed by the impugned order. The grievance of the applicant is that he has remained out of the market for the last more than 16 months and no action is being taken by the respondent Board.
(2.) WE have heard the learned counsel for the parties for some time and having regard to the role allegedly played by the appellant as disclosed in the impugned order and also taking note of the fact that the appellant has remained out of the securities market for the last more than 16 months, we are inclined to stay qua the appellant the operation of the order dated January 28, 2010 by which the ex parte order dated April 28, 2009 had been confirmed. We order accordingly. It is made clear that the order that we have passed shall be without prejudice to the rights of the respondent Board to proceed further in the matter and shall not be taken as an expression of our opinion on the merits of the case. The rights and contentions of both the sides shall also remain open. Our order dated April 15, 2010 disposing of the main appeal shall stand modified accordingly.;

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