The Securities Appellate Tribunal (SAT) has recalled its order of imposing a fine of Rs 1 lakh on the Securities and Exchange Board of India (Sebi) in an appeal filed by Adventz Finance.
Besides imposing the penalty, SAT had also rapped Sebi' Whole Time Member (WTM) for handling the case in a "shoddy manner". Following this order, Sebi filed a review petition before the tribunal. After hearing the Sebi's counsel, the tribunal has now recalled its previous order.
"In view of the assurance given to the effect that appropriate orders would be passed in accordance with law, we modify our order dated July 15, and permit the WTM of Sebi who had heard the appellant on June 21 to pass an appropriate order in accordance with law within one week from today after giving an opportunity of hearing to the appellant," SAT said in the order.
"Sebi has filed an affidavit of the chief general manager and WTM, wherein unconditional apology is tendered and it is inter alia requested that the member who had heard the matter on June 21, 2016 be permitted to pass an order within such time as this tribunal deems fit and that the costs awarded be waived," it added.
