SAT refuses to grant relief to Eros against Sebi order

The Securities Appellate Tribunal (SAT) has refused to grant any rapid reduction to Eros Worldwide Media, its govt vice chairman Sunil Lulla, and CEO Pradeep Dwivedi from the Securities Change Board of India’s (Sebi) interim order, which restrained them from shopping for, promoting, or dealing in securities till additional orders.

Whereas disposing of the appeals filed by Eros, Lulla, and Dwivedi on Tuesday, the appellate tribunal directed them to file a reply or objection together with a keep trip software in opposition to Sebi’s June 22 order inside three weeks.

“We don’t discover any motive to intrude with the impugned order at this stage, and we eliminate the attraction, directing the appellants to file a reply or objection together with a keep trip software to the ad-interim ex-parte order dated June 22, 2023, inside three weeks from right now,” the bench of Presiding Officer Justice Tarun Agarwala and Technical Member Meera Swarup stated in an order. “In its latest rulings regarding each Eros and Zee, the SAT has unambiguously established {that a} post-decisional listening to is ample in situations of ex-parte interim orders, offered that the character of the case justifies such an order,” stated Sumit Agrawal, Associate, Regstreet Legislation Advisors.