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TMI Blog2022 (5) TMI 752X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor without any payment (including any cancelled value of the said equity shares or preference shares). However, this Adjudicating Authority, given a direction to the Resolution Applicant to maintain the public shareholding at minimum 5% which is not applicable as against the Corporate Debtor. As it has been proposed in the Resolution Plan (at para 4.6.1) for de-listing of the securities from NSE and BSE as per applicable Regulations and directions of this Adjudicating Authority after the approval of the Resolution Plan. The same has already been complied with by the Monitoring Committee and the NSE and BSE have delisted the securities of the Corporate Debtor. Hence, the direction with respect to maintain the minimum 5% public ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Monitoring Committee in accordance with the aforesaid para of the Resolution Plan. However, this Adjudicating Authority vide order dated 14.10.2021, inadvertently, directed the Resolution Applicant to maintain the public shareholding at a minimum 5% which is applicable on the listing company. I. Para 4.6.1 of the Resolution Plan reads as under: 4.6.1 De-Listing As an integral part of the Resolution Plan, with effect from the date of de-listing approved by the BSE Ltd. ( BSE ) and the National Stock Exchange of India Ltd. ( NSE ), the equity shares of the Corporate Debtor shall be de-listed from BSE and NSE in accordance with the order of the Hon'ble NCLT read with Regulation 3(3) of the SEBI (De-listing of Equity Sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n e-mail dated 30.10.32021(sic) to the BSE and NSE. The NSE and BSE vide its letter dated 11.03.2022, 09.03.2022 respectively allowed the de-listing of securities of the Corporate Debtor w.e.f. 16.03.2022. Hence, the securities of the Corporate Debtor have been de-listed from the NSE and BSE. 5. We have heard the Learned Counsels for both sides and perused the material available on record. It is noted that this Adjudicating Authority vide its order dated 14.10.2021 [at para-10(10)(X)] has already given a direction for extinguishment of the share capital of the Corporate Debtor without any payment (including any cancelled value of the said equity shares or preference shares). However, this Adjudicating Authority, given a direction to the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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