TaxTMI 
TaxTMI 
2021 (1) TMI 219
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.... appeal has been filed aggrieved by the orders/communications dated May 28, 2020 and June 08, 2020 issued by the National Stock Exchange of India Limited ("NSE" for convenience) (Respondent No. 5) against the appellant. Given the urgency of the matter the appellant has also filed two Misc. Application, Nos. 145 of 2020 and 146 of 2020, seeking urgent hearing and interim stay on the impugned directions. 2. Appellant Axis Bank Limited though a bank, has filed the appeal in the capacity of a Professional Clearing Member (PCM) who cleared the trading of Modex International Securities Limited ("Modex" for convenience) (Respondent No. 2) who is a trading member. Respondent Nos. 3 and 4 are National Securities Depositaries Limited and Central Dep....
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....r dated April 30, 2020 issued by SEBI against Respondent No. 2, which is claimed to be the authorizing order based on which the NSE has passed the impugned directions, does not even contain any such direction against the appellant, nor the appellant was a party to those proceedings before SEBI. Therefore, the impugned directions by NSE (Respondent No. 5) do not have any legal basis to arbitrarily transfer the securities rightfully belonging to the appellant to certain third parties. Therefore, the learned senior counsel sought intervention of this Tribunal to stay such orders as well as to allow the appellant to dispose of the securities worth Rs. 21.62 crores and thereafter releasing the remaining securities given by Respondent No. 2 to th....
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....lines. 7. Having heard the learned senior counsel/counsel for the parties and after perusing certain documents placed before us, without going into the detailed legalities and merit of the matter, we pass the following interim directions:- (a) The parties shall appear before NSE, either physically or through Video Conference, on June 24, 2020. NSE shall give the contact details and arrangements for the said meeting to the parties at least one day in advance. (b) Based on the database of NSE and other parties rights in respect of the securities in question shall be reconciled/determined within one week thereafter. (c) This Tribunal will hear the matter further on Friday, July 03, 2020. In the interim status quo shall be maintained by ....