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SC upholds SAT’s order setting aside ex-parte interim order of SEBI due to pendency of investigation

November 27, 2020[2020] 121 327 (SC)

COMPANY LAW/SEBI : Where SEBI by an ex parte interim order directed respondent, who was CEO of subject company to deposit notional gain made by him in trades carried out in scrips of company using unpublished price sensitive information but Tribunal set aside that order holding that investigation was pending and there was no urgency for passing an ex-parte interim order, it was held that Tribunal was on facts of case correct in setting aside ex-parte order of SEBI on ground that no urgency had been made out to sustain such an order

[Dr. Udayant Malhoutra v. SEBI [2020] 121 326 (SAT - Mum.) (See Annex) -affirmed.]

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