Maars Software International Ltd. vs Sebi
- CitationAppeal No. 276 of 2017
Ratio decidendi
The rule this decision rests on
The delay of 24 days in filing the appeal is condoned on the reasons stated in the application. Where an exchange has passed a delisting order without giving the affected company the opportunity of hearing contemplated under regulation 22(1) of the SEBI (Delisting of Equity Shares) Regulations, 2009, the order is liable to be set aside and the exchange must pass a fresh order after affording that hearing.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date of Decision: 30.10.2017
Misc. Application No. 266 of 2017 And Appeal No. 276 of 2017
Maars Software International Ltd. 2nd Floor, New No. 146, Old No. 106/2, Habibullah Road, T. Nagar, Chennai, Tamil Nadu- 600 017 ...Appellant
Versus
National Stock Exchange of India Limited Exchange Plaza, Plot No. C/1, G-Block, Bandra-Kurla Complex, Bandra (E), Mumbai -400 051 ...Respondent
Mr. Prakash Shah, Advocate with Mr. Robin Shah, Advocate i/b Prakash Shah & Associates for the Appellant.
Mr. Rashid Boatwalla, Advocate with Ms. Prerana Wagh, Advocate i/b Manilal Kher Ambalal & Co. for the Respondent.
CORAM: Justice J.P. Devadhar, Presiding Officer Dr. C.K.G. Nair, Member
Per: Justice J.P. Devadhar (Oral)
Misc. Application No. 266 of 2017
There is delay of 24 days in filing the appeal. By Miscellaneous
application applicant seeks condonation of the said delay. For the reasons
stated in the application, delay is condoned.
Miscellaneous Application is disposed of accordingly. 2
Appeal No. 276 of 2017
1.
This appeal is filed to challenge the Circular issued by the National
Stock Exchange of India Limited ("NSE" for short) on September 04,
2017. By the said order NSE has decided to delist (withdraw the
admission to dealings in) equity shares of several companies including
the appellant company with effect from September 15, 2017.
2. In view of the fact that the impugned order is passed without
giving an opportunity of hearing to the appellant as contemplated under
regulation 22(1) of SEBI (Delisting of Equity Shares) Regulation, 2009,
Counsel for NSE on instruction states that NSE would pass fresh order
after giving an opportunity of hearing to the appellant. Since the
impugned order dated September 04, 2017 has been in operation since
September 15, 2017, we direct the NSE to pass fresh order after giving an
opportunity of hearing as contemplated under regulation 22(1) of SEBI
(Delisting of Equity Shares) Regulation, 2009 within a period of six
weeks from today.
3. Appeal is disposed of in the aforesaid terms with no order as to
costs.
Sd/-
Justice J.P. Devadhar Presiding Officer
Sd/-
Dr. C.K.G. Nair Member 30.10.2017 Prepared & Compared By: PK
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