SAT asks Sebi to pass final order in 3-month on White Water

The Securities Appellate Tribunal ( SAT ) has directed Sebi to pass a final order in the matter of White Water Management Services within a period of three months.In an interim order, the Securities and Exchange Board of India (Sebi) in 2009 barred White Water Management Services (formerly known as Nishwet Management Services) from accessing the capital market for its alleged role in Pyramid Saimira Theatre share price manipulation case. Sebi had said the ban would stay till further directions from it.White Water Management Services had approached SAT citing that the ban against it had continued for more than three years and the regulator has neither initiated any action nor it has taken any step to discontinue directions even though the probe in matter was completed in July 2010.In an order dated April 9, SAT directed Sebi "to pass a final order in the matter within three months from the date of receipt of reply to the show cause notice from the appellant (White Water)".It added that in case Sebi fails to do so, the impugned order passed against the appellant "shall automatically stand vacated".In its submissions to SAT, Sebi said it has issued a show cause notice to the company on March 26, 2013, and would pass a final order within a period of three months from the date of receipt of reply from White Water.Meanwhile, White Water had also appealed with SAT that it should be allowed to dispose of all its shares in the demat and pool accounts to avoid losses.SAT has rejected this appeal on the grounds that no details of these shares have been placed on record.However, SAT said that White Water can approach Sebi in this regard and that the regulator may deal with such request "as it may deem appropriate in the facts and circumstances of the case"."The decision on such request should be taken by the Board as per law within two weeks from the date of receipt of such request," it added.