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IL&FS Securities Services Ltd. v/s Securities & Exchange Board of India, SEBI Bhavan & Others

    Misc. Application No. 309 of 2019 In Appeal No. 138 of 2019

    Decided On, 13 June 2019

    At, SEBI Securities amp Exchange Board of India Securities Appellate Tribunal

    By, THE HONOURABLE MR. JUSTICE TARUN AGARWALA
    By, PRESIDING OFFICER
    By, THE HONOURABLE DR. C.K.G. NAIR
    By, MEMBER & THE HONOURABLE MR. JUSTICE M.T. JOSHI
    By, JUDICIAL MEMBER

    For the Applicant. Gaurav Joshi, Senior Advocate, Shruti Rajan, Garima Joshi, Aditya Sikka, Rushin Kapadia, Advocates i/b Cyril Amarchand Mangaldas. For the Respondents: R1, Rafique Dada, Senior Advocate, Mihir Mody, Tabish Mooman, Sushant Yadav, i/b K. Ashar & Co., R2, P.N. Modi, Senior Advocate, Nihar Mody, Tushar Ajinkya, Abhiraj Arora, Vivek Shah, i/b ELP, R3, Rashid Boatwalla, Shreya Anuwal, i/b Manilal Kher Ambalal & Co., R4, None, R5, Tomu Francis, Manish Chhangani, Arka Saha, i/b Khaitan & Co., R6, Kunal Katariya, Kunal Kothary, Tanvi Gaitonde, Advocates i/b Zerick Dastur Advocates & Solicitors.



Judgment Text

Tarun Agarwala, Presiding Officer

Oral:

1. By our order dated May 15, 2019, we had disposed of the appeal directing the appellant to move an appropriate application under Clause 5 of Chapter VII of the Bye-laws of the National Securities Clearing Corporation Ltd. (NCL). We further directed that if such an application is filed, the NCL would decide the matter after hearing all concerned parties.

2. A Misc. Application has been filed by the appellant praying that the NCL should be directed to decide their annulment application within a time bound period. Shri Gaurav Joshi, the learned senior counsel for the applicant submitted that the alleged trades would expire on June 27, 2019, and if the application is not decided by that time, the appellant would be forced to clear the trades.

3. Shri Modi, the learned counsel appearing for the NCL stated that June 17, 2019 has been fixed for consideration of the annulment application of the appellant by the Committee on which date the appellant would be heard. It was also stated that an effort would be made by the Committee to decide the application before the alleged due date.

4.

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In view of the aforesaid, no express order is required to be passed by this Tribunal. Misc. Application is disposed of.
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