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Appellate Authority refuses interim relief to Parekh, verdict on SEBI order on Apr 9

The Appellate Authority in the finance ministry on Monday refused interim relief to former president of the Bombay Stock Exchange, J C Parekh, on his appeal for a stay on the Securities & Exchange Board of India's March 23 order asking him to step down in the share price manipulation case.

B K Chaturvedi, special secretary, insurance, and Arvind Virmani, senior economic advisor, who comprise the AA, are expected to deliver their verdict on April 9.

The authority noted in its interim order that Parekh's appeal against the first direction in the SEBI order asking him to relinquish his post was no longer relevant since his term had already expired on March 31.

As for the other two directives -- to exit from the BSE governing board and to keep off the committee meetings -- the AA observed that Parekh had not pointed out any special reasons requiring him to attend the BSE board meetings.

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