BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Date of Decision: 5.8.2020 Appeal Lodging No.222 of 2020 Wellindia Securities Ltd. … Appellant Versus National Stock Exchange of India Ltd. & Anr. … Respondents Mr. Kunal Katariya, Advocate with Mr. Ravi Vijay Ramaiya, Chartered Accountant and Mr. Sahebrao Buktare, Advocate i/b Shah & Ramaiya Chartered Accountants of the Appellant. Mr. Rashid Boatwalla, Advocate with Mr. Rahul Jain and Mr. Pruthvi Dhinoja, Advocates i/b M/s. Manilal Kher Ambalal & Co. for the Respondent No.1. Mr. Tomu Francis, Advocate with Mr. Arka Saha and Ms. Zarnaab Aswad, Advocates i/b. Khaitan & Co. for the Respondent No.2. CORAM: Justice Tarun Agarwala, Presiding Officer Dr. C.K.G. Nair, Member Justice M.T. Joshi, Judicial Member Per : Justice Tarun Agarwala, Presiding Officer

1. We have heard Mr. Kunal Katariya, Advocate assisted

by Mr. Ravi Vijay Ramaiya, Chartered Accountant and Mr. Sahebrao Buktare, Advocate for the Appellant, Mr. Rashid Boatwalla, Advocate assisted by Mr. Rahul Jain and Mr. Pruthvi Dhinoja, Advocates for the Respondent No.1 and Mr. Tomu Francis, Advocate assisted by Mr. Arka Saha and Ms. Zarnaab Aswad, Advocates for the Respondent No.2 through video conference.

2. By the impugned order, National Stock Exchange of

India Ltd. has expelled and declared the appellant as a defaulter. It was urged by the appellant that a sum of Rs.36 lakhs is due from BSE Ltd. The learned counsel for BSE submits that they have withheld it for certain reasons. The learned counsel for the Appellant states that out of 134 complaints, 130 complaints have been resolved and only 4 complaints are yet to be resolved which at the moment cannot be done because the whereabouts of the complainants are not known.

3. Let a reply be filed by the respondents within two

weeks. Ten days thereafter to the Appellant to file rejoinder. The matter would be listed for admission and for hearing on 1st September, 2020.

4. Parties are directed to contact the Registrar 48 hours

before the date fixed to find out as to whether the hearing would take place through video conferencing or through physical hearing.

5. The present matter was heard through video conference

due to Covid-19 pandemic. At this stage it is not possible to sign a copy of this order nor a certified copy of this order could be issued by the registry. In these circumstances, this order will be digitally signed by the Presiding Officer on behalf of the bench and all concerned parties are directed to act on the digitally signed copy of this order. Parties will act on production of a digitally signed copy sent by fax and/or email. Digitally signed by TARUN AGARWAL DN: c=IN, o=PUBLIC WORKS DEPARTMENT UTTAR PRADESH, postalCode=221505, st=Uttar Pradesh, Justice Tarun Agarwala TARUN 2.5.4.20=30fcf68685192bbc53e6ff1608a83fb3881de7ac2a b7954d509c85ed6e0f7c41, serialNumber=095f8b286bb0b1cd07ff676611f4f5e799972 AGARWAL 7d404aa38ca422f9d3529bdb8a3,Date: 2020.08.05 18:07:12 +05'30' cn=TARUN AGARWAL Presiding Officer Dr. C. K. G. Nair Member Justice M.T. Joshi Judicial Member 5.8.2020 RHN