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Judgment
We have heard Mr. Joshi and Mr. Dhond, the learned senior counsel for the parties on the Misc. Application No. 179 of 2021 for grant of an
interim relief pending final disposal of the appeal. The basic contention is, that the appellant had granted credit facility to respondent no. 3 and at this
point of time respondent no. 3 owes the appellant a sum of Rs. 165 crores. Pursuant to an ex-parte order passed by SEBI dated November 22, 2019
where respondent no. 3 is alleged to have misused the clients securities, certain restrictions were placed pursuant to which a confirmatory order dated
November 24, 2020 was passed and, in order to implement the directions given by SEBI, NSE has passed the impugned order December 08, 2020
directing the appellant to freeze all bank accounts of respondent no. 3.
One of the contentions raised before us in the appeal was whether NSE has power to freeze the bank accounts of respondent no. 3. This question
will be decided when the appeal is being finally heard. At this stage the prayer for interim relief, namely, that respondent no. 3 have some fixed
deposits running to Rs. 7.74 crores which the appellant wants to encash on the basis of the security rendered by respondent no. 3 on the credit facility
granted by the appellant.
Having heard the learned counsel for the parties, we do not find any case of urgency requiring this Tribunal to release this money in favour of the
appellant at this stage. The application is accordingly disposed of.
Since affidavits have been exchange we direct the appeal to come up on August 2, 2021 for final disposal.
Parties are directed to take instructions from the Registrar 48 hours before the date fixed in order to find out as to whether the matter would be
taken up for hearing through video conference 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 Private Secretary 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.