Enchante Jewellery Ltd. vs Sebi
- CitationAppeal No.356 of 2018
Ratio decidendi
The rule this decision rests on
The impugned delisting order passed by the stock exchange without affording the appellant a reasonable opportunity of hearing cannot stand; a delisting action must be preceded by a show cause notice and an opportunity of hearing, and where the impugned order is set aside for want of such opportunity, the proceedings must be remitted to the stage of issuing a show cause notice.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date: 19.8.2019
Misc. Application No.295 of 2018 And Appeal No.356 of 2018
Enchante Jewellery Ltd. Plot No.3 & 4, Udyog Vihar, Phase 4, Gurugram, Haryana - 122015. ... Appellant
Versus
BSE Ltd. (formerly known as Bombay Stock Exchange Limited) Floor 25, P.J. Towers, Dalal Street, Mumbai - 400001. ...Respondent
Mr. Gautam Tiwari, Advocate with Mr. L.K. Maharana, Advocate i/b. Probus Legal for the Appellant.
Mr. Abhiraj Arora, Advocate i/b. ELP for the Respondent.
CORAM: Dr. C.K.G. Nair, Member Justice M.T. Joshi, Judicial Member
Per : Justice M.T. Joshi (Oral)
Misc. Application No.295 of 2018
For the reasons stated in the application, the delay in
filing the appeal is condoned.
The Misc. Application is allowed. 2
Appeal No.356 of 2018
1.
Both sides submit that the issue in the present appeal is
squarely covered by judgement in Appeal no.17 of 2019 M/s.
Divine Multi Media (India) Ltd. vs. BSE Ltd. copies of
which is filed on record today by the learned counsel for the
respondent.
2. In the circumstances, similar order is being passed.
The impugned order is hereby set aside. The appeal is
allowed. The matter is remitted back to the respondent BSE
with a direction that the appellant will not be delisted unless a
reasonable opportunity of hearing is granted. The respondent
is directed to proceed from the stage of issuance of show
cause notice.
Sd/-
Dr. C. K. G. Nair Member
Sd/-
Justice M.T. Joshi Judicial Member
19.8.2019 Prepared and compared by RHN
This page reproduces a public judgment and a summary of it. It is research material, not legal advice, and it is no substitute for advice from an advocate on your own facts.
Research this judgment with Miss Lucy
Ask what it holds, what has followed it, and what it means for your matter — in plain English, with the citations.
Try Miss Lucy free