9911796707
TMI Blog2007 (8) TMI 457X X X X Extracts X X X X X X X X Extracts X X X X ..... ingle Judge in the order dated 20-9-2002 passed in Company Application No. 576 of 2002. In Company Petition No. 79 of 2001 for listing of the first respondent-transferee- company. With that view, we direct the first respondent-transferee-company to comply with its undertaking as agreed. - O.S.A. NO. 403 OF 2002 - - - Dated:- 22-8-2007 - F.M. IBRAHIM KALIFULLA AND MRS. R. BANUMATHI, JJ. A.K. Sriram for the Appellant. R. Subramanian and Mr. Shivakumar for the Respondent. ORDER F.M. Ibrahim Kalifulla, J. - This Original Side Appeal has been preferred by the Madras Stock Exchange Limited (for short, MSE ) as against the order of the learned Single Judge dealing with company cases in Company Application No. 576 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) issued by the newly impleaded fifth respondent herein, namely SEBI at least 25 per cent of the paid-up capital of the unlisted transferee-company is allotted to the public shareholders of listed transferor-company, as has been pointed out in the fifth respondent-SEBI s communication dated 31-8-2004 addressed to the appellant-MSE. In fact, in the said communication, the appellant-MSE has been directed to ensure that the first respondent-transferee-company complied with the above stipulation as contained in clause 8.3.5.1( iii ) of the new guidelines issued by the fifth respondent-SEBI. The said communication of the fifth respondent-SEBI also made it clear that subject to compliance of the said requirement, the relaxation of strict enforcem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o its full extent without any deviation, by prescribing time limit in order to enable the appellant/MSE herein to comply with the direction of the learned Single Judge in the order dated 20-9-2002 passed in Company Application No. 576 of 2002. In Company Petition No. 79 of 2001 for listing of the first respondent-transferee- company. 7. With that view, we direct the first respondent-transferee-company to comply with its undertaking as agreed in the above referred to passages of the communications referred to therein, within a period of three months from the date of receipt of a copy of this judgment and on such compliance, the appellant-MSE is directed to comply with the order of the learned Single Judge dated 20-9-2002 in Company Appli ..... X X X X Extracts X X X X X X X X Extracts X X X X
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