Shree Mahaganga Sugar Mills ... vs Sebi

BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI DATE : 28.05.2019

Misc. Application No. 21 of 2019 And Appeal No. 16 of 2019 Shree Mahaganga Sugar Mills Ltd. (Formerly known as "ELTROL LTD") Unit No. 102, First Floor, Morya Landmark II, New Link Road, Andheri (West), Mumbai - 400 053. ..... Appellant

Versus

BSE Ltd. Phiroze Jeejeebhoy Towers, Dalal Street, Kala Ghoda, Fort, Mumbai - 400 001. ... Respondent

Mr. Saurabh Bachhawat, Advocate i/b Lalit Joshi, Advocate for the Appellant. Mr. Manish Chhangani, Advocate with Mr. Arka Saha, Advocate i/b Khaitan & Co. for the Respondent.

ORDER :

1. There is a delay of 87 days in filing the appeal. Cause shown

is sufficient. For the reasons stated in the application, delay is

condoned. Misc. Application is allowed.

2. The appellant has challenged the order dated May 9, 2018.

Further prayer is that consequential orders subsequent to the delisting

order should also be quashed. 2

3. From a perusal of the order dated May 9, 2018, we find that

the same is not an order of delisting of the appellant company. It is

only a notice pursuant to the delisting order. We are of the opinion

that unless and until the order of delisting is challenged, no relief can

be granted to the appellant.

4. We, accordingly dismiss the appeal giving liberty to the

appellant to challenge the order of the delisting, if so advised.

Sd/-

Justice Tarun Agarwala Presiding Officer

Sd/-

Dr. C. K. G. Nair Member

Sd/-

Justice M. T. Joshi Judicial Member 28.05.2019 Prepared & Compared by PTM