A former presiding officer at the Securities Appellate Tribunal, C Achuthan passed away on Monday afternoon after suffering a major cardiac arrest. He was 70. CNBC-TV18's Ashwin Mohan and Tanvi Shukla take a look at the man who was instrumental in rescuing scam-tainted Satyam, and also responsible for drafting the new takeover code.
He was a soft spoken man who took tough decisions. The passing of eminent jurist C Achutan has left a void in the field of securities law. Achuthan began his career with the Indian legal services, and served on the company law board before being appointed presiding officer and sole member of the securities appellate tribunal in 1997. Over the next six years he built for himself a reputation of a fearless decision maker, who worked in the ultimate interest of investors, even taking on market regulator SEBI on occasion.
Darius Khambatta, Additional Solicitor General said,
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