SAT denies Eros plea against Sebi order

The Securities Appellate Tribunal (SAT) on Tuesday refused to interfere with Securities and Exchange Board of India(Sebi)’s actions against Eros International for alleged misrepresentation and diversion of funds

- Priyanka Gawande

Instead, Justice Tarun Agarwala directed the company to file its reply to Sebi’s 22 June ex-parte order in three weeks.

“We do not find any reason to interfere with the impugned order at this stage. If a reply along with stay vacation application is filed, WTM (whole-time member) will fix a date within a week from date of filing the reply by appellants," Justice Agarwala said.

SAT also directed the WTM to give an opportunity to Eros to argue its case. The bench will pass an order after three weeks after considering the material evidence placed by the appellants. It also clarified that any observation made by the tribunal in the order is only prima-facie and should not be utilized by either party.