Work likely to get affected as SAT now has only one member
Tribunal (SAT) retired last week, leaving the quasi-judicial bench with only one judge and potentially affecting the functioning of the tribunal that hears appeals against orders by the capital markets regulator. SAT has a sanctioned strength of three judges.
SAT's presiding officer and judiciary member, Justice Tarun Agarwala, retired last week.
The tenure of Justice MT Joshi, another member of the tribunal, ended in February last year, and his successor has not been named yet.
«The government, emphasising ease of business, should have taken proactive measures to appoint members to SAT to ensure its smooth functioning,» said Vinay Chauhan, a corporate and securities lawyer who practises in SAT and the Bombay High Court. «Delays in appointments will not only increase the backlog but also create unnecessary confusion and uncertainty while aggrieved parties requiring urgent relief against Sebi orders may have to knock at the doors of the constitutional courts.»
According to Tomu Francis, Partner at Khaitan & Co., SAT faces operational challenges in passing orders in the absence of a quorum, which includes a judicial member.
The bench currently has only a technical member, Meera Swarup.
