TMI Blog2002 (10) TMI 694X X X X Extracts X X X X X X X X Extracts X X X X ..... t the order under appeal is only an order made on procedural matters and right of the parties are not affected by those orders and consequently the appeals may not be maintainable. Elaborate arguments were advanced by the learned Counsel for the appellants and respondents on the maintainability of appeals. The contention of the learned Counsel for the appellant is that section 15Z creates a wide and broad appellate jurisdiction and every kind of judicial order could be challenged in appeal. The learned Counsel for the respondents on the other hand contended that the order is merely a procedural order and it does not affect the rights of the parties and, therefore, appeal would not be under section 15Z. The question before us is, therefore, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... notice in their letters dated 19th July, 2001 and 10th August, 2001 respectively requesting the respondents to furnish details as sought by them in their letter dated 11th April, 2001 and also to provide copies of answer the said show-cause notices. The appellants did not get any response from the respondents. The appellants, therefore, filed writ Petition No. 2737 of 2001 which came to be disposed of vide order dated 19th December, 2001 inter alia recording the statement of the Counsel appearing for the SEBI that the SEBI will hear and dispose of the applications within a period of one week after hearing rejected the applications filed by the appellants vide two separate orders dated 2nd January, 2002 and asked them to submit their ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the decision or order of the Securities Appellate Tribunal. Section 15Z reads as follows : " Appeal to High Court - Any person aggrieved by any decision or order of the Securities Appellate Tribunal may file an appeal to the High Court within sixty days from the date of communication of the decision or order of the Securities Appellate Tribunal to him on any question of fact or law arising out of such order: Provided that the High Court may, if it is satisfied that the appellant was prevented by sufficient cause from filing the appeal within the said period, allow it to be filed within a further period not exceeding sixty days." 4. In our opinion, in the context of the scheme of SEBI Act, it is difficult to accept the submission ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... words every order of the Controller made under this Act , though very wide, do not include interlocutory orders, which are merely procedural and do not affect the rights or liabilities of the parties. In a pending proceeding, the Controller may pass many interlocutory orders under sections 36 and 37, such as orders regarding the summoning of witnesses, discovery, production and inspection of documents, issue of a commission for examination of witnesses, inspection of premises, fixing a date of hearing and the admissibility of a document or the relevancy of a question. All these interlocutory orders are steps taken towards the final adjudication and for assisting the parties in the prosecution of their case in the pending proceeding; they r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e that the suit has not abated. The Supreme Court held that it was an interlocutory order and cannot be considered as an appealable order immediately. Whether the suit stood abated could be considered in an appeal from the ultimate order, in case the party becomes aggrieved by the ultimate order. 8. The observations of the Supreme Court in Central Bank of India Ltd. s case ( supra ) would equally govern the relevant words used in section 15Z of the SEBI Act. The rights and liabilities of the parties normally would be decided by the final order. Very rarely the interlocutory order on procedural matters would affect the rights of the parties. The course of a litigation should normally proceed unhampered. If at every stage the appellate ..... X X X X Extracts X X X X X X X X Extracts X X X X
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