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SAT directs Axis bank and respondent to appear before NSE to determine rights in respect of securities in question

June 24, 2020[2020] 117 293 (SAT - Mumbai)

COMPANY LAW : Where pursuant to ex parte order passed by SEBI in case of respondent no. 2 i.e. "M" Ltd. on basis of which impugned direction was issued by NSE (respondent no.5) to appellant bank to release certain securities handed over to it by "M" Ltd. in favour of third parties, without going into merits of said direction, instant appeal was to be disposed of by directing both parties to appear before NSE where based on database of NSE and other parties, rights in respect of securities in question would be reconciled/determined

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