SAT presiding officer back

Mumbai, Aug 22 | Updated: Aug 23 2005, 05:30am hrs
Justice Kumar Rajaratnam, the presiding officer of the Securities Appellate Tribunal (SAT), resumed hearing Sebi-related cases from Monday after the Union finance ministry asked him to reconsider his resignation which he had tendered earlier this month, sources close to the development stated.

As reported in FE earlier, Justice Rajaratnam had resigned from his post following the controversy over the UBS Securities Asia (UBS) case relating to the stock market crash of May 2004.

Sources told FE that Justice Rajaratnam started hearing the cases from Monday and presided over the three-member bench. His resignation had come after the Securities and Exchange Board of India (Sebi) rejected SATs suggestion to allow UBS to go for plea bargaining for a possible amicable settlement.