Sat Defers Verdict On Triumph Plea

The Securities Appellate Tribunal has postponed a final decision on the appeal made by Triumph International Finance India Ltd (TIFIL) against Securities and Exchange Board of India (Sebi), to September 18, 2001.

It, however, rejected a plea made by TIFIL for an interim order to stay the implementation of the order passed by Sebi barring it from its trading and business activities as a share and stock broker as also merchant banker. The order by Sebi was passed on June 21, 2001.

The appeal made by TIFIL was received by SAT on August 2, 2001. According to the rules Sebi is required to file a reply by September 3, 2001 - only after which the main appeal can be taken up for final disposal.

 

SAT, rejecting an interim order, said that the broking company "has not established that there is a prima facie case in its favour." It has "also not established that it would suffer irreparable injury in case the order is not stayed," it said.