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Judgment
As an interim measure by the impugned order the Committee of stock exchange by an order dated March 8, 2021 has disabled the terminal of the appellant with immediate effect for alleged violation of change in control of the company. There are other charges relating to the misuse of client funds, negative networth, etc., for which a forensic audit has already been initiated. Prima-facie, the disablement of terminal as an interim measure appears to be harsh.
Let a reply be filed by the respondent within three weeks from today. Two weeks thereafter to the appellant to file rejoinder. The matter would be listed for admission and for final disposal on May 10, 2021.
In the meanwhile, paragraph No. 20(a) of the impugned order shall remain in abeyance during the pendency of the appeal.
Parties will take instructions from the Registrar 48 hrs. before the date fixed in order to find out as to whether the appeal would be heard 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.