9911796707
TMI Blog2023 (4) TMI 720X X X X Extracts X X X X X X X X Extracts X X X X ..... communication dated 24.01.2019, informed respondent No.3 that the petitioner-company was already wound up - HELD THAT:- As seen that the main reason for issuance of the impugned notices is the application of Regulation 24 of Delisting Regulations, 2009 which admittedly did not have any application, therefore, this court finds it appropriate to set aside the impugned notices, as the same are based on wrong presumptions. Accordingly, the impugned notices qua the petitioners are set aside.The parties are at liberty to take appropriate recourse in accordance with the law, if so advised. If the respondent feels that notwithstanding the non-applicability of Regulation 24 of Delisting Regulations, 2009, they are still empowered to take any furt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pany, as reflected on the website of the Ministry of Corporate Affairs (MCA) was Active and was not showing as Liquidated/ Under Liquidation , therefore, the fair value for the company was computed by an independent valuer appointed in terms of the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 (hereinafter referred to as Delisting Regulations, 2009 ). The share value of the petitioner company was estimated at Rs.16/- per share. 3. According to respondent No.3-Bombay Stock Exchange (BSE), the Fair Value along with the names of the promoters, as available on the BSE s records, was included in the Final Public Notice issued by the BSE on 12.05.2018, in the Financial Express newspaper (English) and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sional liquidator or the order of winding-up, then the restrictions provided under Regulation 24 of Delisting Regulations shall be applicable. (b) If the company has not been compulsorily delisted before the appointment of provisional liquidator or the order of winding-up, the process of delisting will happen by operation of law and the restrictions under Regulation 24 of Delisting Regulations shall not be applicable. ...... 6. Realizing the fact that the Regulation 24 of the Delisting Regulations, 2009 would not have any application in the case of the petitioners, respondent No.3 had taken following steps:- (a) The Exchange vide its letter dated April 24, 2019 intimated Mrs. Santosh Jain (i.e. Impleading Party in the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the impugned notices have not only been issued on the basis of application of Regulation 24 of Delisting Regulations, 2009 but there are other reasons also, including the reason of non-trade for a period of six months. He further states that the impugned notices covered more companies than Lumax Automotive Systems Limited. 11. It is seen that the main reason for issuance of the impugned notices is the application of Regulation 24 of Delisting Regulations, 2009 which admittedly did not have any application, therefore, this court finds it appropriate to set aside the impugned notices, as the same are based on wrong presumptions. 12. Accordingly, the impugned notices qua the petitioners are set aside. 13. The parties are at liberty t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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