Premier Proteins Limited vs Sebi
- CitationAppeal No.81 of 2018
Ratio decidendi
The rule this decision rests on
A delay in filing an appeal before the Securities Appellate Tribunal may be condoned where the appellant shows sufficient reasons for the delay, and in this case a delay of two days was condoned on that basis. Where trading in a company's scrip has remained suspended since 1999, the company has been unable to revive, and its counsel concedes that all efforts at revival have failed, the Delisting Committee of the stock exchange does not err in compulsorily delisting the company.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date of Decision : 20.4.2018
Misc. Application No.77 of 2018 And Appeal No.81 of 2018
Premier Proteins Limited 45/47-A, Industrial Area No.1, A.B. Road, Dewas - 455 001 ..... Appellant
Versus
Bombay Stock Exchange Ltd. (BSE) Floor 25, P.J. Towers, Office Dalal Street, Mumbai 400 001. ... Respondent
Mr. Nirman Sharma, Advocate with Mr. Hasmukh Ravaria, Advocate i/b. Juris Link for the Appellant.
Mr. Pesi Modi, Senior Advocate with Mr. Ajay Khaire and Mr. Mandar Bargale, Advocates 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.77 of 2018
1.
There is 2 days delay in filing this appeal. For the reasons, stated in
the Misc. Application the delay is condoned.
2. Misc Application No.77 of 2018 is disposed of accordingly with no
order as to costs.
Appeal No. 81 of 2018
1. This appeal is filed to challenge the order passed by the Delisting
Committee of Bombay Stock Exchange Limited on 27.12.2017. By the 2
said order the appellant company has been compulsorily delisted. It is not
in dispute that trading in the scrip of the appellant company was suspended
on 18th October, 1999 and counsel for the appellant fairly states that all
efforts made to revive the company has failed.
2. In these circumstances, no fault can be found with the decision of the
Delisting Committee of BSE in compulsorily delisting the appellant
company.
3. Appeal is accordingly dismissed with no order as to costs.
Sd/-
Justice J.P. Devadhar Presiding Officer
Sd/-
Dr. C. K. G. Nair Member
20.4.2018 Prepared and compared by RHN
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