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.
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