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Judgment
Misc. Application No. 363 of 2020 :
There is a delay of 143 days in filing the appeal. For the reasons stated in the Misc. Application, delay is condoned. Misc. Application is allowed
accordingly.
Appeal No. 340 of 2020 :
Connect with Appeal No. 339 of 2020. Four weeks time is allowed to the respondent to file a reply. Two weeks thereafter to the appellant to file
rejoinder. List on December 16, 2020 for admission and for final disposal.
The appellant is not a noticee in the proceedings pursuant to the impugned order but is aggrieved by the freezing of her mutual funds units. We find
that the appellant is the primary holder of the mutual funds units which has been frozen by the respondent on account of the fact that the second joint
holder was the noticee in the impugned order. The question which the respondent has to answer is whether such mutual funds of the appellant could
be frozen who is not a noticee in the proceedings and that too without issuing a notice.
We also direct the appellant in the meanwhile to move an appropriate application for release of the mutual funds pursuant to the impugned order. If
such an application is filed, the respondent will grant an opportunity of hearing and pass an appropriate order within 10 working days. The results of
such order, if any, should be placed before the Tribunal on or before the next date of hearing.
Parties are directed to take instructions from the Registrar 48 hrs. 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 Presiding Officer 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.