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CS Professional · Drafting, Pleadings and Appearances · Adjudications and Appeals under SEBI Laws

A two-member Bench of SAT hears an appeal filed by Anand Textiles Ltd. The two members differ in opinion on a point of law. What is the procedure under the SEBI Act, 1992?

The two members state the points on which they differ and refer them to the Presiding Officer. He hears them himself or refers them to other members, and the point is decided by majority of all members who heard it.

  1. AThe appeal is automatically dismissed as the Bench is evenly divided
  2. BThe appeal is transferred to the Supreme Court for decision on the point
  3. CThe members state the point of difference and refer it to the Presiding Officer, who hears it or refers it to other members, and the majority view prevailsCorrect
  4. DThe junior member's opinion is disregarded and the senior member's opinion prevails

Explanation

Section 15U(6) requires the two members to state the points of difference and refer them to the Presiding Officer. He either hears the points himself or refers them to one or more other members. The point is decided by the majority of the members who heard the case, including those who first heard it.

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