SAT asks Sebi to pass fresh order in Eicher Motors case

The Securities Appellate Tribunal has asked markets regulator Sebi to pass a fresh order in the matter pertaining to alleged duplication of 100 shares of Eicher Motors.
In October last year, Sebi had directed Eicher Motors to reinstate 100 shares to the complainant after it was found that these many scrips were duplicated and transferred to a person who was not a genuine shareholder.
Accordingly, it had directed the company and its Registrar to the Issue & Share Transfer Agent (RTA) to reinstate the disputed shares to the complainant and submit an order compliance report within one month.
Considering that the order was passed without hearing the company and that Sebi is agreeable to pass fresh order after hearing the appellant (Eicher), the tribunal in its recent order said, "we set aside the impugned order dated 27th October, 2016 and direct Sebi to pass fresh order on merits and in accordance with law".

"In view of the fact that the impugned order is an ex-parte order passed without hearing the appellant (Eicher), counsel for Sebi on instruction states that the impugned order may be set aside with liberty to Sebi to pass fresh order on merits after giving an opportunity of hearing to the appellant, SAT noted.
"Since Sebi is agreeable to pass fresh order on merits after hearing the appellant, we set aside the impugned order dated 27th October, 2016 and direct Sebi to pass fresh order on merits and in accordance with law," it added.