- (1.) The respondent caveator is present. The appeal is admitted. Formal service of notice is dispensed with.
(2.) The primary question which has been raised in this appeal is whether the appeal is maintainable before the Securities Appellate Tribunal under the Securities and Exchange Board of India Act, 1992 against the order passed by the Board u/s. 4(4) of the Securities Contracts (Regulation) Act, 1956 . It appears that the Tribunal had already passed an interim order on 20.09.2004. The issue as to the maintainability of the appeal was raised by the appellant before the Tribunal and noted on 22.11.2004. Despite this, the Tribunal has passed an order on 20.01.2005 directing the appellant to consider the application made by the respondent for corporatisation and demutualisation dehors the order passed by the Board u/s. 4(4) of the Securities Contracts (Regulation) Act, 1956 . Being aggrieved by the order dated 20.01.2005 this appeal has been preferred. We are of the view that once the Tribunal has noted that the appeal had been challenged as not being maintainable, it should dispose of the issue of maintainability first before passing any further order. In that view of the matter, the impugned order dated 20.01.2005 is stayed until the Tribunal disposes of the issue of maintainability. The Tribunal is requested to dispose of the issue as early as is conveniently possible, preferably within a period of 8 weeks from date.
(3.) The appeal is, accordingly, disposed of but without any order as to costs.;