TagSecurities Appellate Tribunal

SAT Rules on “Materiality” of Disclosures

A somewhat peculiar fact situation arose for consideration of the Securities Appellate Tribunal (SAT) in Electrosteels Limited v. Securities and Exchange Board of India (order dated 14 November 2019). Electrosteel Limited (ESL) embarked upon an initial public offering (IPO) in 2010. ESL’s parent is Electrosteel Castings Limited (ECL), a public listed company. Since iron ore is an essential raw...

A Tribunal Benched

The Securities Appellate Tribunal has yet again been rendered dysfunctional.  I wrote a piece in the Business Standard last week about how, yet again, the functioning of the tribunal for substantive final hearings has come to a halt.   As the appellate tribunal that is exclusively empowered to hear appeals against every order of the Securities and Exchange Board of India, the Insurance Regulatory...

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