M/S. Amrex Marketing Pvt. Ltd. vs Sebi
- CitationAppeal No.565 of 2021
Ratio decidendi
The rule this decision rests on
A matter already adjudicated between the same parties on the same issue before a competent forum (here, the Company Law Board) cannot be reopened by the same appellant in a fresh proceeding, so the issue is no longer open to raise again. A complaint lodged on the SCORES platform against a company that has been compulsorily delisted cannot be entertained on that platform, in light of the circular dated 26 March 2018 which excludes delisted companies from SCORES; such a bar on the platform does not prevent the complainant from approaching the stock exchange by other means, and the appeal against the communication refusing to process it is accordingly dismissed.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date of Decision:31.8.2021
Misc. Application No.892 of 2021 And Misc. Application No.893 of 2021 And Appeal No.565 of 2021
M/s. Amrex Marketing Pvt. Ltd. Through its Authorised Representative/Director Registered Address: 26, Belvedere Road, Kolkata-700027. ...Appellant
Versus
1.
Securities and Exchange Board of India SEBI Bhavan, Plot No.C-7, "G" Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051.
2. Bombay Stock Exchange Ltd (BSE) 25th Floor, P.J. Towers, Dalal Street, Mumbai - 400 001.
3. Kamala Tea Company Ltd.
Through its director/authorised representative Regd. Office:3rd Floor, 240B, A.J.C. Bose Road, Kolkata - 700020.
2 4. Sajjan Kumar Agarwala
5. Suresh Kumar Agarwala
6. Sandhir Agarwala
7. Gulab Ghanshyamdas Vasvani
8. Shyam Sarkar
9. Dipak Choudhury
10. Iswar Prasad Agarwala
11. Madhu Agarwala
12. Rajani Agarwala
13. Rajani Agarwala
14. Suchita Agarwala
15. Suresh Kumar Dodrajka
16. Santosh Kumar Agarwala
17. Sandhir Agarwal (H.U.F)
18. Sajjan Kumar Agarwal (H.U.F.)
19. Suresh Kumar Agarwala (H.U.F.) 3rd Floor, 240B, A.J.C. Bose Road, Kolkata - 700020.
20. Kusum Agarwala 161/1 M G Road, Kolkata - 700 007.
21. Canara Robeco Asset Management Co. Ltd U65990MH1993PLC071003] Construction House, 4th Floor, 5 Walchand Hirachand Marg, Ballard Estate, Mumbai - 400001.
22. Allahabad Bank (since merged into Indian Bank), having Allahabad Bank Building, 1st Floor, 37, Mumbai Samachar Marg, Fort, Mumbai - 400 023.
23. Infund Management Ltd.
3 [CIN-U65991MH1994GOI076248] 18th Floor, Maker Tower 'F' Cuffe Parade, Mumbai-400005.
24. IndBank Merchant Banking Services Ltd. [CIN-L65191TN1989PLC017883], 1st Floor, Khivraj Complex 1, No.480, Anna Salai, Nandanam, Chennai 600 035.
25. Indian Bank Allahabad Bank Building, 1st Floor, 37, Mumbai Samachar Marg, Fort, Mumbai - 400 023. ..Respondents
Ms. Niharika Ahluwalia, Advocate with Ms. Sneha Kohli, Advocate for the Appellant. Mr. Sumit Rai, Advocate with Mr. Mihir Mody, Mr. Arnav Misra and Mr. Mayur Jaisingh, Advocates i/b. K. Ashar & Co. for Respondent No.1 SEBI.
CORAM: Justice Tarun Agarwala, Presiding Officer Justice M.T. Joshi, Judicial Member
Per: Justice Tarun Agarwala, Presiding Officer (Oral)
1. The present appeal has been filed against the
communication dated 25th March, 2021 whereby the
appellant's complaint has been disposed of by BSE 4
Ltd. There is a delay of 76 days in the filing of the
appeal. For the reasons stated in the application, the
delay in the filing of the appeal is condoned. The
application is allowed.
2. By the impugned order, the appellant was informed
that their complaint cannot be dealt with on the
SCORES platform since the Company against whom
the complaint has been made has been compulsorily
delisted by BSE Ltd.
3. The appeal has been filed on two folds. One is that
the Company should transfer the shares which they had
purchased in the year 2010 and the second aspect is
that the Company has not provided the exit offer under
the delisting notice.
4. In this regard, we find that with regard to the alleged
transfer of shares in favour of the appellant the
appellant had approached the Company Law Board
which was duly dealt with and the appellant's 5
application was duly disposed of. Consequently, it is
no longer open to the appellants to raise this issue
again,
5. In so far as the impugned communication is
concerned we find that by a circular dated 26th March,
2018 complaints against the Company which are
delisted cannot be dealt with on the SCORES platform.
Admittedly, the Company has been compulsorily
delisted by BSE in 2016. Thus, the complaint cannot
be dealt with on the SCORES platform. The appeal
fails and is dismissed summarily at the admission
stage. We, however, make it clear that it would be
open to the appellant to file a complaint before the
BSE( not on the scores platform) which if filed may be
dealt with in accordance with law. Misc. Application
No.892 of 2021 is also accordingly disposed of.
6. The present matter was heard through video
conference due to Covid-19 pandemic. At this stage it 6
is not possible to sign a copy of this order nor a
certified copy of this order could be issued by the
registry. In these circumstances, this order will be
digitally signed by the Private Secretary on behalf of
the bench and all concerned parties are directed to act
on the digitally signed copy of this order. Parties will
act on production of a digitally signed copy sent by fax
and/or email.
Justice Tarun Agarwala Presiding Officer
Justice M.T. Joshi Judicial Member RAJALA Digitally signed 31.8.2021 by
KSHMI NAIR RAJALAKSHMI H RHN Date: 2021.09.01 H NAIR 15:30:54 +05'30'
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