SAT refuses to grant relief to Eros against Sebi order
Securities Appellate Tribunal (SAT) has refused to grant any immediate relief to Eros International Media, its executive vice chairman Sunil Lulla, and CEO Pradeep Dwivedi from the Securities Exchange Board of India's (Sebi) interim order, which restrained them from buying, selling, or dealing in securities until further orders.
While disposing of the appeals filed by Eros, Lulla, and Dwivedi on Tuesday, the appellate tribunal directed them to file a reply or objection along with a stay vacation application against Sebi's June 22 order within three weeks.
«We do not find any reason to interfere with the impugned order at this stage, and we dispose of the appeal, directing the appellants to file a reply or objection along with a stay vacation application to the ad-interim ex-parte order dated June 22, 2023, within three weeks from today,» the bench of Presiding Officer Justice Tarun Agarwala and Technical Member Meera Swarup said in an order.
«In its recent rulings concerning both Eros and Zee, the SAT has unambiguously established that a post-decisional hearing is adequate in instances of ex-parte interim orders, provided that the nature of the case justifies such an order,» said Sumit Agrawal, Partner, Regstreet Law Advisors.
