MUMBAI: The Securities Appellate Tribunal (SAT) on Monday stayed an order of the Securities and Exchange Board of India (SEBI), asking the National Securities Depository Limited (NSDL) to revamp its management.

"We are prima-facie of the view that the respondent board (SEBI) has no power to issue directions to the promoters of a company to revamp management,'' an interim order issued by presiding officer of SAT Justice N. K. Sodhi said.

"The direction issued in Para 17.14 of the impugned order directing the promoters of the appellant to revamp the management therefore will remain stayed during the pendancy of the appeal,'' said the SAT order. "We have nothing to say,'' an NSDL official said.

The SAT interim order further observed that "we have perused the impugned order and it is clear that the findings recorded are only prima-facie. We have no doubt that while passing the final order the board will not be influenced by these findings and that the said order will be based on the material collected by it during the course of investigations including the one which is already in its possession.''

"One of the primary grievances made by the appellant is that even though the impugned order is interim in nature pending final investigation yet the board has recorded firm finding on the issues involved therein which will prejudice their cause,'' the SAT order observed. — PTI

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