Supreme Court grants permission for statutory appeal challenging order, sets 30-day deadline for filing, upholds interim order.

The Supreme Court granted permission for Respondent Nos.1 and 2 to file a statutory appeal before the Securities Appellate Tribunal (SAT) challenging an order. The Court allowed thirty days for filing the appeal, with the SAT to hear it on its merits if filed within this period. An interim order from 22nd March, 2012, remained in effect. The Court also set aside impugned judgments and orders, resolving the issues and disposing of special leave petitions and pending applications.

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Issues: Granting permission for a statutory appeal before the Securities Appellate Tribunal (SAT) and setting aside impugned judgments and orders.

Granting permission for a statutory appeal before the Securities Appellate Tribunal (SAT):
The Supreme Court, comprising Mr. Justice Madan B. Lokur, Mr. Justice Kurian Joseph, and Mr. Justice Deepak Gupta, heard the learned counsel for the parties. The Court opined that it would be appropriate to grant Respondent Nos.1 and 2 permission to file a statutory appeal before the Securities Appellate Tribunal (SAT) challenging the order dated 23rd July, 2011. The Court granted thirty days for the respondents to file the appeal. If filed within this period, the SAT would hear the appeal on its merits. Additionally, the interim order from 22nd March, 2012, was to remain in effect, stipulating that any proceedings or actions following the order dated 23rd July, 2011, by the Forward Markets Commission (now SEBI) would be subject to the final outcome of the appeal.

Setting aside impugned judgments and orders:
Consequently, the Supreme Court set aside the impugned judgments and orders. The special leave petitions were disposed of, and any pending application was also deemed disposed of. The judgment, delivered by a bench of three judges, effectively resolved the issues at hand by allowing the statutory appeal before the SAT and nullifying the previous judgments and orders in the matter.

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