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2012 (11) TMI 1239 - HC - Companies LawTemporary absence of the presiding officer - whether Tribunal cannot said to be validly constituted in absence of regular presiding officer? - Held that:- The expression “temporary absence” only means that the arrangement under which one of the two members is to preside over the sitting of the tribunal is to be made on temporary basis and not on a regular basis. Accordingly when efforts are going on to select and appoint a presiding officer in accordance with the provisions of Section 15M of the Act, authorization given to one of the two members of the appellate tribunal has to be treated as a temporary arrangement and therefore, we find no merit in this contention. Even if the above contentions were to be accepted, another person who to be appointed to the post of the presiding officer of the appellate tribunal will have to possess the qualification stipulated in Section 15M of the Act. Since the selection committee constituted for the purpose is not in a position to find any eligible and willing person as per that provision, it is obvious that even under Section 15P the presiding officer cannot be appointed. The Government of India is, therefore, justified in resorting to the provisions of sub-rule (2) of Rule 5 of the Securities Appellate Tribunal (Procedure) Rules, 2000 for dealing with the present contingency. No impediment to the petitioner's appeal being heard by the Appellate Tribunal, which presently has two members and one of whom is authorized to preside over the sitting of the Appellate Tribunal.
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