TMI Blog2012 (11) TMI 1239X X X X Extracts X X X X X X X X Extracts X X X X ..... ovisions 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-ru ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... residing officer of the Securities Appellate Tribunal (SAT) by order dated 5 December 2011 under Rule 5(2) of the Securities Appellate Tribunal (Procedure) Rules, 2000, the Government of India in the Ministry of Finance, Department of Economic Affairs has authorised that sittings of the SAT may be presided over by Shri Justice P.K.Malhotra, the senior-most member, SAT, till the assumption of charge by new presiding officer or until further orders, whichever is earlier,. 3. Sections 15L 15M of the Act are relevant for the purpose of this petition. Provisions of said Sections read as under: 15L. Composition of Securities Appellate Tribunal. A Securities Appellate Tribunal shall consist of a Presiding Officer and two other Members, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been constituted for selection of person for appointment as presiding officer of the second respondent-appellate tribunal, but despite of all sincere, effective and bonafide steps taken by the Government of India, the selection committee is not able to identify any retired Judge for the post of presiding officer. Learned counsel states that efforts are going on. In the meantime, the Government of India has already made temporary arrangement under rule (2) of Section 5 of the Securities Appellate Tribunal (Procedure) Rules, 2000 by authorizing the senior-most member to preside over the Tribunal till the regular appointment is made , so that functioning of the second respondent should not suffer for want of regular presiding officer. 5. Le ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... officer and it would not apply to the permanent vacancy. Learned counsel submits that Rule 5(2) refers to a temporary vacancy and that permanent vacancy would be governed by the provisions of Section 15P of the SEBI Act, which reads as under: 15P. Filling up of vacancies. - If, for reason other than temporary absence; any vacancy occurs in the office of the Presiding Officer or any other Member of a Securities Appellate Tribunal, then the Central Government shall appoint another person in accordance with the provisions of this Act to fill the vacancy and, the proceedings may be continued before the Securities Appellate Tribunal from the stage at which the vacancy is filled. 8. However, it is not possible to accept the above content ..... X X X X Extracts X X X X X X X X Extracts X X X X
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