Punit Goenka case: SAT modifies July 10 order on SEBI's application

The Securities Appellate Tribunal on July 27 modified its earlier order in Punit Goeka's case after Securities Exchange Board of India (SEBI) filed an application seeking clarification.

SEBI has now been directed to place the case for hearing before a Whole Time Member (WTM) or any other authorised officer who is higher in rank, grade or position to the WTM.

SAT on July 10 asked the case to be placed before a Whole Time Member (WTM) other than Ashwani Bhati and Anantha Narayan G as they were involved in settlement proceedings relating to Shirpur Gold Refinery case, involving Essel Group of which Punit Goenka and Subhash Chandra are part of. SEBI in its application for clarification contended that the only other WTM is retiring on July 31 and cannot hear the case now.

Appearing for Goenka senior advocate Janak Dwarkadas argued that SEBI now intends to place the case before an Executive Director, who is lower in rank than a WTM and they were not agreeable to the same. Dwarakadas argued that SEBI was now trying to delay the proceedings.  Appearing for Subash Chandra, lawyer Somkashekar Sundaresan argued that the law mandates that it be placed before a person higher in designation and not someone lower in designation.