9911796707
TMI Blog2013 (7) TMI 309X X X X Extracts X X X X X X X X Extracts X X X X ..... s were examined and appropriate response given to the appellants. In case the appellants were not satisfied with the response/reply received by them to their representations, it may have been a cause of grievance and the appellants could have availed appropriate remedy against those responses. In the garb of challenging the circular dated October 15, 2012 of NSE granting listing permission of rights issue of respondent no. 4, the appellants are in effect challenging decision of some of the respondents on its various representations which were duly considered and response sent to the appellants. The appellants are now seeking multiple reliefs against various respondents which are in the nature of a direction not covered within the scope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce failures, inadequate and misleading disclosures and rampant non-compliance with various regulations governing the capital markets (refer Enclosure F-11 for a Schedule of Documents sent to/available with each of these Respondents). No action has been taken by any of these entities to resolve the prejudice, harm and loss caused and continually being caused to the Appellants as well as other investors. Besides one inadequate reply each sent by NSE and SEBI to VF which demonstrated that these entities had not independently evaluated the issues placed before them, SEBI, NSE and BSE have failed to take the necessary actions arising from the issues placed before them by VF, SEBI, NSE and BSE have failed to protect the interests of investors." ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the appellants have sought restriction on respondent no. 3 from carrying on business in any intermediary role in the capital market and debarring the merchant banker from accessing the capital market. According to him, none of these reliefs are relatable to the impugned order. The other reliefs sought for in the appeal also do not emanate from the impugned order. On the contrary, the appellants, in their rejoinder, have specifically stated that the appellants have not made any prayer for cancellation of the rights issue. If that be so, the appeal is not maintainable under Section 23L of the Securities Contracts (Regulation) Act, 1956 (for short the Act), since the appellants cannot be termed as 'person aggrieved' under the said provision. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s have not made any prayer for setting aside or cancellation of the permission granted by NSE for listing of the said rights issue. How can the appellants be said to be aggrieved when the appellants have participated and have been benefited from the said rights issue and no prayer is made for setting aside or cancellation of the said rights issue. Learned senior counsel for respondent no. 3 as well as counsel representing the other respondents have rightly relied upon the decision of the Apex Court in the case of Jasbhai Motibhai Desai v. Roshan Kumar AIR 1976 SC 578 which lays down the test to determine whether the person is aggrieved or not. The relevant extract from the said Supreme Court judgment reads as under:- "Whether the applican ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lants' grievance does not flow from the impugned circular of NSE. I also noticed that it is not a case where the various representations addressed by the appellants to the Securities and Exchange Board of India or to the intermediaries with regard to said issue were not considered. It is a matter of record that said representations were examined and appropriate response given to the appellants. In case the appellants were not satisfied with the response/reply received by them to their representations, it may have been a cause of grievance and the appellants could have availed appropriate remedy against those responses. In the garb of challenging the circular dated October 15, 2012 of NSE granting listing permission of rights issue of respon ..... X X X X Extracts X X X X X X X X Extracts X X X X
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