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TMI Blog2025 (1) TMI 155X X X X Extracts X X X X X X X X Extracts X X X X ..... .12.2021 passed by the Securities Appellate Tribunal, Mumbai in Appeal No. 224 of 2019 titled as "Jyoti Limited Vs. BSE Limited and Anr.". The appellant-Jyoti Limited applied for listing of certain equity shares to the Bombay Stock Exchange BSE for short but the application to that effect was not accepted for the reason that the appellant had not taken in principle approval from the Stock Exchange and that the appellant had not even taken the approval of the shareholders for the allotment of the shares to the Asset Reconstruction Private Limited RARE for short. The above order of the BSE rejecting the application of the appellant for the listing of shares was upheld and confirmed by the Securities Appellate Tribunal by the order impugned. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to convert part of its outstanding debts of Rs.32.80 Crore into equity shares. Accordingly, a resolution of the Board of Directors of the appellant company was passed to the above effect on 02.05.2018 but such an action was never endorsed by the shareholders of the company. Thereafter, the appellant company itself filed an application before the BSE on 15.05.2018 for listing of the shares i.e. 59,63,636 equity shares allotted to the RARE. Having considered the relevant provisions of the law and the submissions advanced by the learned counsel for the appellant, we find that the conversion of the debt into additional shares had taken place with the agreement of the appellant company and RARE, and it is on the basis of such an agreement betwe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... request of the appellant company for the listing of the shares at the Stock Exchange inasmuch as Section 62 of the Companies Act stands duly attracted and in the light of sub-clause (c) of sub-section (1) of Section 62 of the Companies Act, special resolution of the shareholders is necessary which is lacking in the instant case. The aforesaid order has been passed by us in the peculiar facts and circumstances of this case where the appellant company itself has passed the resolution and applied for the listing of shares and as such is deemed to be the proposer for increasing the share capital. Accordingly, this statutory appeal under Section 22 F of Securities Contracts (Regulation) Act, 1956 is devoid of merit and is dismissed. Pending a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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