SAT rejects fresh access to Sathe’s frozen funds

INTHE LATEST blowtoAvadhut Sathe Trading Academy, the Securities Appellate Tribunal (SAT) on Monday dismissed its plea to continue withdrawing funds from frozen bank accounts to meet monthly expenses.

- ANJANA THERESE ANTONY

The Tribunal observed that the academy and its directors had failed to complywith its earlier directive to file an affidavit disclosing their assets, adding that a judicial pronouncement cannot be modified once delivered.“Admittedly, the appeal has been finally disposed of by this Tribunal. Therefore, no further orders are necessary to give effect to this Tribunal’s order,’ the SAT stated.