The division bench of judges SJ Vazifdar and KR Shriram ordered that re-materialisation requests not be “processed or honoured for a period of four weeks” from the time when a copy of the audit report is furnished to the petitioners.
The court was hearing a bunch of petitions filed against the FMC and other commissions, including a petition which sought to stay the settlement of e-series contracts of NSEL. E-series trading was suspended in August, after which the FMC started receiving requests for re-materialisation.
In a previous order on October 7, the court had said that requests for financial settlement or physical delivery of e-series contracts be processed after October 25.
“I am happy that the high court has taken cognisance of the issue and asked for a forensic audit,” said Kirit Somaiya, BJP leader, who filed one of the PILs in the matter. “This is the beginning of a full-fledged investigation.”