UBS hearing in SAT adjourned

Mumbai, Aug 2 | Updated: Aug 3 2005, 05:30am hrs
The scheduled hearing in the matter of UBS Securities Asia (UBS) slated for Tuesday in the Securities Appellate Tribunal (SAT) was adjounred to Friday, August 1, 2005. SAT registrar announced that due to heavy downpour in the city since Monday night counsels could not reach the court on time, hence the bench decided to hear the case on Friday.

The UBS case will be heard by two members of SAT: RN Bhardwaj and Chandan Bhattacharya, as the presiding officer (PO) Justice (retired) Kumar Rajaratnam has decided to recuse from the UBS case.

The UBS is represented by senior counsel Sundaram in SAT, while Harish Salwe, former additional solicitor general of India will appear on behalf of Sebi.

UBS, a foreign institutional investor (FII) registered with the Securities and Exchange Board of India (Sebi) has challenged latters order debarring the former, from issuing participatory notes (PNs) for a period of one year.

The Sebi order debarring the UBS was the result of investigations it carried out to find out the culprits of the stock market crash of May 17, 2004. The Sebi order was issued on May 17, 2005 and came into force with immediate effect.

Mr Salve, former additional solicitor general of India, replaces Rohit Kapadia who represented Sebi in the UBS case earlier.

Mr Salves appointment as Sebi counsel comes in the wake of Sebis decision to replace Mr Kapadia as its lawyer in the case.

According to Sebi, Mr Kapadia discussed the issue of plea bargaining, a suggestion from SAT, with the media before informing his clients view on the matter to the tribunal.