When contacted, Parekh further clarified that in the light of Tuesday's hearing he will not be allowed to either attend the governing board meetings or vote. He will, however, be allowed to hold the president's office up to March 31 till 5 pm instead of 10 am as stated by the high court at its first hearing on March 24.

"When this petition was taken up, Anil Divan, who appeared on my behalf, voluntarily made a statement that I shall not offer myself as a candidate for the post of president and not attend any board meeting," said Parekh.

Parekh moved the court forthe second time on Tuesday. This time around, his plea was that as the appellate authority would hear the matter only on April 5 after his term as president came to an end, the court should stay the SEBI order. He also urged the court to allow him to function as director till such time the appellate authority gave its verdict on the matter.

The court, while turning down Parekh's plea for an interim order, admitted his petition, which challenged Section 11B of the SEBI Act, under which the SEBI chairman had delivered his order.

Parekh's senior counsel Anil Dewan contended that in the Hindustan Lever insider-trading case, SEBI had allowed the company to appeal to the appellate authority within 30 days of its order coming into effect. In this case, SEBI had not given any time to Parekh.

Meanwhile, the executive director of BSE, RC Mathur, also met SEBI top officials on Tuesday. Mathur, however, said that there was no personal hearing.

"In the light of the request made by Mathur, we have decided to givehim a week's time," SEBI chairman DR Mehta said. Mehta added that on Mathur's request, SEBI allowed him to study some of the documents.

With the high court debarring Parekh from participating in the governing board meetings and also from voting, the election for the new BSE president, scheduled for April 1, will be conducted by eight elected members instead of nine.

Mathur gets one week time

MUMBAI: The SEBI today granted Bombay Stock Exchange's executive director R C Mathur one week's time to appear before the market regulator following a show cause notice issued to him on February 10. Mathur was summoned for a personal hearing before the regulator for his alleged failure in timely detection of price rigging in the scrips of BPL, Videocon International and Sterlite Industries in May last year.

Mathur had sought to see documents with the regulator and prayed that further time be granted for a personal hearing and was granted time till next Tuesday. The market watchdog would be hearing NationalStock Exchange officials in connection with the same case on Wednesday.