BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date of Decision: 6.6.2019
Misc. Application No.294 of 2019
In
Appeal Lodging No.275 of 2019
National Stock Exchange of India Limited
Exchange Plaza, C-1, Block G,
Bandra Kurla Complex, Bandra (E),
Mumbai 400 051.

…. Appellant
Versus
Securities and Exchange Board of India
SEBI Bhavan, Bandra Kurla Complex,
Mumbai – 400 021.

…Respondent
Mr. Darius Khambata, Senior Advocate with Mr.
Somasekhar Sunderasan, Mr. Abishek Venkataraman,
Advocates i/b. Ms. Sonali Mathur, Mr. Shwetank Ginodia,
Mr. Prabhar Shroll, Mr. Harshit Jaiswal and Ms. Ashrita
Gulati, Advocates for the Appellant.
Mr. Rafique Dada, Senior Advocate with Mr. Anubhav
Ghosh, Ms. Rashi Dalmia and Mr. Abhishek Mishra,
Advocates i/b. The Law Point for the Respondent.
CORAM: Justice Tarun Agarwala, Presiding Officer
Justice M.T. Joshi, Judicial Member
Per : Justice Tarun Agarwala (Oral)
1.

We have heard the learned counsel for the parties on
M.A. No.294 of 2019. By our earlier order dated 22nd May,
2019 we directed the appellant to transfer a sum of Rs.624.89
2
crores from the escrow account to SEBI within two weeks.
2.

The present application has been filed for modification
of our order contending that instead of transferring the
aforesaid amount the appellant should be allowed to provide
a bank guarantee to the respondent.
3.

In our view, we do not find any reason to modify our
order dated 22nd May, 2019. The appellant should transfer
the amount which is already kept in the escrow account as
per the interim order of SEBI to be transferred to SEBI
account as per our order dated 22nd May, 2019.
4.

The Misc. Application is rejected. A week’s further
time is allowed to comply with our order dated 22nd May,
2019.
Sd/Justice Tarun Agarwala
Presiding Officer
Sd/Justice M.T. Joshi
Judicial Member
6.6.2019
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