The Securities Appellate Tribunal (SAT) today stayed Sebi's interim order barring one Pramod Gadia, owner of Ekta Shares and Securities, from the capital market in a matter related to Pyramid Saimira Theaters Ltd.
Sebi had issued the order against Pramod Gadia in April 2009 prohibiting him from trading in the securities market including initial public offerings, in any manner, till further directions.
In its order today, SAT said that there was nothing in record to show as to why no order has been passed against Gadia in pursuance to the interim order dated April 23, 2009 even after three years of granting him personal hearing and the probe been completed in July 2011.
Noting that Gadia has been out of the securities market for more than three and half years, SAT said " there seems to be no justification to continue the said ex-parte ad-interim order".
In a probe into the shares of Pyramid Saimira Theaters, Sebi had concluded that a large number of entities had joined hands and some of them had carried out suspicious banking transactions and had channeled the funds either directly or indirectly in the stock market.
Pending investigation in the matter, Sebi had passed the order against 230 entities with Gadia being one of them.