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TMI Blog2022 (9) TMI 1426X X X X Extracts X X X X X X X X Extracts X X X X ..... Lahoti & Associates for the Plaintiffs. Mustafa Doctor, Senior Advocate, Suraj Choudhary, Mihir Mody, Dhaval Patil and Arnav Misra i/b. K.Ashar and Co. for the Applicant/SEBI. Mr. Navroz Seervai, Senior Counsel, Mr. Shadab Jan with Mr. Mufaddal Paperwala i/b. M/s. Crawford Bayley and Co. for the Applicant. Mr. Vaibhav Singh and Mr. Bryan Pillai i/b. Shardul Amarchand Mangaldas & Co. for Defenda ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... May, 2022 read with order dated 12th May, 2022 passed by this Court in Interim Application (L) No.13162 of 2022 (SEBI's intervention Application). 3. The Applicant has stated in the Interim Application that the Application is filed without prejudice to the rights of the Applicant to contend the non-applicability of the circular dated 13th October, 2020 issued by the Security and Exchange Board o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the SEBI's circular though applies retroactively, it does not contemplate a scenario where the debenture holders could give ex post facto consent to ICAs agreed prior to the commencement of the SEBI Circular, that is 13th October, 2020. He has submitted that the order dated 30th August, 2022 necessarily would have to be considered by this Court, prior to ordering the opening of the sealed enve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Application. 6. Having considered the submissions, in my view there is merit in the submission of the Mr. Sharan Jagtiani, particularly considering the order dated 10th August, 2022 of the Supreme Court. The meeting of the debenture holders was convened by Respondent No.2 on 13th May, 2022. Pursuant to orders of this Court dated 31st March, 2022 and 6th April, 2022 in Interim Application (L) No.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e parties in order to assist the Court as to whether the requisite majority as required in accordance with the circular of SEBI dated 13th October, 2020 has been achieved during the course of the meeting. The voting results shall not be publicized prior to such determination. This shall be without prejudice to the rights and contentions of the parties in the present proceedings. 8. The Interim Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X
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