2021 (2) TMI 569 - SC - SEBI

Winding up proceedings of Mutual fund scheme - objections to the e-voting results - HELD THAT - E-voting results have been recorded in paragraph 36 of the said report and have been read out. The Registry would scan the report of the observer and make e-copy available to the counsel for the parties, including Advocates on Record who have filed application for intervention/impalement. Objections, if any, to the observer s report/e-voting/result would be filed within three days. Response/reply of the same could be filed within three days hereinafter. On the next date of hearing, we would decide on the objections, if any; further procedure to be followed, and whether procedure under Regulation 41(1) in the facts of the present case is mandated. List the matters on 25.01.2021 at 2 00 p.m.

Summary

Issues:
1. Submission of observer's report and e-voting results.
2. Filing objections to the report.
3. Response to objections.
4. Decision on objections and further procedure.
5. Mandate of Regulation 41(1) in the present case.

Analysis:
The Supreme Court received the observer's report from Mr. T.S. Krishnamurthy, which included the e-voting results. The Registry was directed to scan the report and provide an electronic copy to the parties' counsel, including the Advocates on Record who applied for intervention. Any objections to the observer's report or the e-voting results were required to be filed within three days. Subsequently, responses or replies to these objections could also be filed within three days from the initial filing. The court scheduled the next hearing to decide on any objections raised, determine the following procedure, and assess whether the application of Regulation 41(1) was necessary in the current circumstances. The matters were listed for further proceedings on 25.01.2021 at 2:00 p.m.