Delays likely in SAT cases as key post falls vacant in December

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Reliance Industries, Bombay Dyeing and Kotak AMC. Currently, the bench is fast-tracking the cases in final stages to ensure that the verdicts are rendered before December, said lawyers cited above. If an entity needs emergency relief from Sebi, it will have to move high courts where the process typically takes longer than SAT since the latter is a specialized body created to hear security market appeals, legal experts say.

“This is indeed a pressing issue. The absence of a designated judicial successor not only escalates the backlog of cases but also bears consequences for foreign investment," said Sumit Agrawal, founder, Regstreet Law Advisors. “SAT holds jurisdiction over cases involving entities such as Sebi, stock exchanges, depositories, IRDAI, and PFRDA on a nationwide scale.

Therefore, ensuring a swift and clear resolution in this matter is of paramount importance, serving the best interests of investors, policyholders, and pension funds," Agrawal added. Agarwala’s retirement would mean the bench strength of the tribunal will come down to one judge: Meera Swarup, technical member. The normal bench strength of SAT is three members; however, a vacancy was created when Justice M.T.

Joshi vacated his office in February this year. This position is also vacant as of now. Also, in many cases, the tribunal has already heard arguments and reserved orders.

Such cases may face further delays since they may have to be taken up by a new bench. As a principle of fairness, in cases where arguments have been fully heard but judgment reserved, the new bench hears the arguments again. “Given the number of cases which are reserved for order and the limited tenure of the honourable presiding officer, it is practically impossible for