PK Malhotra – the last of the two present members in the Securities Appellate Tribunal (SAT), and currently presiding over the body – was appointed as secretary of the legislative department. The other member – SSN Moorthy – is set to retire this month. [PTI]
The tribunal has had no presiding officer since ex-chairman justice Nauvdeep Kumar Sodhi’s retirement in December last year. Malhotra had been officiating as presiding officer since then.
The lack of a presiding officer had cast ambiguity over the validity of the previous year’s decisions of the SAT. [The Firm, Money Control]