Whole Time Member (WTM) is required to focus on the material evidence which is on the record and should not import information which is in his personal knowledge, the tribunal stated
The Securities Appellate Tribunal (SAT) Mumbai hearing an appeal against Sebi’s order barring Subhash Chandra and Punit Goenka from holding key managerial positions in listed entities, has asked for a change of Whole Time Member (WTM) in the case “to remove any kind of bias”.
“We also find that the settlement application filed by the appellants was considered by a Committee under the Settlement Regulations in which the WTM was a Member and therefore there is a possibility of the WTM being influenced by the discussions that took place in the settlement proceedings. In our opinion WTM is required to focus on the material evidence which is on the record and should not import information which is in his personal knowledge. Thus, in order to remove any kind of bias, we direct SEBI to appoint another WTM to consider the objections of the appellants,” SAT stated in its order.
