The Securities Appellate Tribunal (SAT) has asked Whole Time Member (WTM) of Securities and Exchange Board of India (SEBI) to pass within two weeks an order in the Adventz Finance Pvt Ltd case. This follows refusal by Adventz Finance to avail fresh opportunity of hearing before the concerned WTM of SEBI.
In its order issued on 8 August 2016, the SAT Bench of Justice JP Devadhar and Dr CKG Nair, said, "...If the WTM of SEBI deems it fit to confirm the ex-parte ad-interim order, then the WTM of SEBI shall consider the alternate plea of the appellant (Adventz Finance) to trade in the cash segment in the light of the order of this Tribunal in Appeal No50 of 2016 dated 4 March 2016."
Although the SAT order does not mention the WTM's name, it is clear that the order was that of Rajeev Kumar Agarwal. He is one of the two WTMs at SEBI.
The Tribunal also made it clear that in case, the WTM of EBI fails to pass an order within two weeks, then the ex-parte ad-interim order passed on 20 August 2015 qua the appellant would come to an end without reference to the SAT.