Calcutta, Dec. 27 :    Calcutta, Dec. 27:  For the first time, a high court has passed an interim order 'staying the effect' of a notification issued by the custodian of the special court set up under the Special Court Act of 1992. The Act promulgated by the Union government after the securities scam of 1992 gave the special court the status and authority of a high court and its orders could only be challenged in the Supreme Court. This was done to ensure 'speedy recovery' of the misappropriated funds running into thousands of crores of rupees. The Calcutta high court has passed an order seeking judicial scrutiny of notifications issued by the special court on November 20 to Calcutta-based stockbroker Ajay Kayan, his father Gouri Shankar Kayan and their stock-broking firm C. Mackertich & Co, 10 years after the scam took place. A similar appeal filed by Harshad Mehta's brother Hitesh Mehta challenging the notification and the constitutional validity of the Special Court Act was quashed by the Mumbai high court in July 1992. Three separate writ petitions were filed by Kayan and his associates. The interim order in response to each of them opens thus: 'Considering the fact that the impugned notification has been issued on November 20, 2001, in respect of transactions allegedly made between April 1, 1991 and June 6, 1992. This court is prima facie of the view that the matter calls for examination by this court.' The custodian of the special court had not mentioned the list of charges against Kayan, his father or his firm, prompting them to file a writ in the Calcutta high court one month after the notification was issued. Besides appealing against the notification, the writ challenged the validity of the Special Court Act 1992. While ordering the 'stay of the effect of the Special Court notification' till February 28, 2002, the court also barred the notified entities from disposing of their properties. The three petitions are slated to come up for further hearing on February 14. The court has directed both Kayan and the custodian of the special court to file their affidavits by that date. The custodian of the special court is expected to move the Supreme Court contesting the high court order. Following the notification, the three bourses - the Bombay Stock Exchange, the National Stock Exchange and the Calcutta Stock Exchange - had de-activated the trading terminals of C. Mackertich Ltd, as for all practical purposes it was the reincarnation of the now-defunct notified firm. Despite the interim relief offered by the Calcutta high court, the CSE has decided to bar C. Mackertich Ltd from trading because its membership stands 'impounded'. The stock exchange has already taken the opinion of Sandersons & Morgans - its lawyers - on the matter and discussed it at the board meeting on December 26. Along with Kayan and the entities connected with him, the special court has notified Shyam Sundar Dalmia - another leading Calcutta-based broker. Dalmia appealed to the special court against the notification. The matter will be heard by it on January 9. Meanwhile, the special court has allowed Dalmia to make payments and deliver stocks to the CSE to clear outstanding trades.