Excelsior Correspondent
JAMMU, May 6: Justice Permod Kohli, former Judge of Jammu and Kashmir High Court is likely to be appointed as Chairman of the Securities Appellate Tribunal (SAT).
Reliable sources said, “while the panel of retired Judges shortlisted for the important post included few other names also, there was great likelihood of Justice Kohli being appointed for the post”, adding, “the finalization of the name is at its last stage”.
“Rajya Sabha in March this year had passed the Securities and Exchange Board of India (Amendment) Bill, 2013 for inclusion of appointing a retired High Court Judge having held the position for seven years for heading the important Tribunal. The Bill, passed by voice vote, paved the way for appointment of SAT chief, a post which was lying vacant for over a year”, sources said adding, “subsequently, Chief Justice of India, Altamas Kabir had authorized Supreme Court Judge, Justice G S Singhvi to find a suitable candidate to fill up the vacancy”.
“Justice Singhvi had written to all the High Courts in country to suggest names of retired Judges for the coveted posts. Thereafter, the panel of names were forwarded to Union Finance Minister, P Chidambaram for his consideration”, sources said, adding, “the Union Minister will hold the final round of consultation with Chief Justice of India and after their consent, the notification will be issued by the President”.
It is pertinent to mention that SAT is a statutory body established under the provision of Section 15K of the Securities and Exchange Board of India Act, 1992 to hear and dispose of appeals against order passed by the Securities and Exchange Board of India (SEBI).
Sources said SAT had been functioning without a Presiding Officer since early December last year, when the then official P K Malhotra had been appointed as Secretary in the Legislative Department of the Ministry of Law.
The Tribunal had no Presiding Officer since ex-chairman Justice Nauvdeep Kumar Sodhi retired in December, 2011 and Malhotra had been officiating as Presiding Officer since then.
SAT has reputation of low-pendency rate and a single member SAT can admit appeals and grant interim relief and wait for the full-constituted tribunal to continue with hearings.
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