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Tuesday, May 31, 2005

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SAT gets two new members

Our Bureau

Mumbai , May 30

AFTER months of lying vacant, the `member' positions at Securities Appellate Tribunal (SAT) have been filled.

Mr Chandan Bhattacharya, former Managing Director, State Bank of India, has been appointed with effect from May 31, according to a press release from the Registrar's office at SAT.

Also, joining the team early next week is Mr R.N. Bhardwaj, Chairman, Life Insurance Corporation of India. Mr Bhardwaj retires from his current position on May 31 and is expected to take charge at SAT on June 6.The two new members join the Presiding Officer, Mr Justice Kumar Rajaratnam at the Tribunal.

The next high profile case that is expected to be filed before SAT is the SEBI order prohibiting UBS Securities from issuing Participatory Notes for one year.

The appeal is yet to be filed, though UBS Securities' spokespeople had confirmed that they would be approaching the Tribunal.

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