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BSE chief moves HC again, Appellate Authority hearing on April 5

In an interim order, the Bombay High Court has allowed J C Parekh to continue as the president of the Bombay Stock Exchange till 1700 hrs on March 31, 1999 and to continue as a director till April 8, 1999.

However, the court has disallowed Parekh to attend the meeting of the BSE governing board during this period, according to a media statement by Parekh released in Bombay.

Parekh said that following the SEBI order dated March 23 asking him to relinquish the office of BSE president and not to officiate any public post in the capital market related financial institution till next three years, he had appealed to the high court which has allowed him to appeal against the SEBI before the Appellate Authority in the ministry of finance.

In view of this high court order, Parekh has also appealed to the AA on March 26 in which his petition is to be heard on April 5.

"Since there was no alternate efficacious remedy available to me on March 30," Parekh said, "I am filing another petition before the Bombay High Court challenging the vires Sections 11 and 11 (b) of the SEBI Act 1992 and praying for a stay of the SEBI order dated March 23." The petition is expected to come up for the admission on April 8. 1999.

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