Sat. Jan 23rd, 2021

Midas Touch Investors … vs Union Of India & Anr. on 17 December, 2015

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Through: Mr. Akshay Makhija, with Mr.
Rohitendra Deb, Ms. Sanjugeeta
Moktan, Advs. for R-1.
Mr. Gourab Banerji, Sr. Adv. with
Mr. Neeraj Malhotra, Mr. Virat K.
Anand, Mr. V.S.A. Naseeb, Mr.
Printhu Garg and Mr. Vyan Shah,
Advs. for R-2.
CORAM:-
HON’BLE THE CHIEF JUSTICE
HON’BLE MR. JUSTICE RAJIV SAHAI ENDLAW

RAJIV SAHAI ENDLAW, J

1. This petition filed as a Public Interest Litigation (PIL) seeks a

direction to the respondent no.2 Securities & Exchanges Board of India

(SEBI) (i) to implement the Delisting Regulations, as enunciated in the

Circular dated 29th December, 2008, in true letter and spirit and in a time

bound manner, with respect to all the Regional Stock Exchanges (RSEs)

including those which have been derecognized; (ii) to restore the

W.P.(C) No.4251/2015 Page 1 of 4
fundamental rights of the shareholders of 5152 companies which were

exclusively listed at RSEs which have been derecognized; (iii) to direct all

RSEs, including the derecognized stock exchanges, to issue orders of

delisting individually for all 5152 companies exclusively listed on those

RSEs and who have failed to get themselves listed at Nationwide stock

exchanges, either on Bombay Stock Exchange (BSE) or National Stock

Exchange (NSE); and, (iv) to frame a proper mechanism to compensate

shareholders of companies listed on RSEs who have suffered huge loss due

to derecognition of various RSEs. Axiomatically, the petition also impugns

the Circulars dated 30th May, 2012 and 22nd May, 2014 of the respondent

no.2 SEBI with respect to the Exit Policy for derecognized stock exchanges

and companies exclusively listed therewith.

Source: Indian Kanoon

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