TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
When case Id is present, search is done only for this
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Case Laws
of of All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Court orders unsealing of envelope with Debenture Holders' voting results, complying with SEBI Circular; Advocates to assess.</h1> <h3>Reliance Home Finance Ltd. Versus R.K. Mohatta Family Trust</h3> Reliance Home Finance Ltd. Versus R.K. Mohatta Family Trust - TMI Issues:1. Disclosure of voting results of a meeting of Debenture Holders.2. Applicability of SEBI Circular dated 13th October, 2020.3. Retroactive application of SEBI Circular and ISIN wise voting.4. Court's consideration of Supreme Court's order dated 30th August, 2022.5. Comparison with Supreme Court's order dated 10th August, 2022.Analysis:1. The judgment concerns an Interim Application seeking orders to disclose the voting results of a meeting of Debenture Holders held on 13th May, 2022, pursuant to previous court orders. The results were directed to be kept in a sealed envelope as per court orders.2. The Applicant sought relief while stating reservations about the applicability of the SEBI Circular dated 13th October, 2020. However, the court noted that the Supreme Court had upheld the validity of the SEBI Circular on 30th August, 2022, rendering the Applicant's statement obsolete.3. The Senior Counsel for SEBI opposed the relief, citing the Supreme Court's ruling that the SEBI Circular operates retroactively and mandates ISIN wise voting. The court acknowledged the need to consider the Supreme Court's order before disclosing the voting results in accordance with the circular.4. The court considered the arguments presented, particularly referencing the Supreme Court's order dated 10th August, 2022, which allowed disclosure of voting results in a similar case to assess compliance with the SEBI Circular. The court found merit in this approach and decided to open the sealed envelope to determine if the requisite majority as per the circular had been achieved.5. Ultimately, the court passed an order similar to the Supreme Court's previous ruling, directing the opening of the sealed envelope containing the voting results. The results were to be shared with the parties' Advocates to assess compliance with the SEBI Circular, without publicizing the results prematurely and preserving the parties' rights and contentions in the ongoing proceedings. The Interim Application was disposed of accordingly.
TaxTMI 
TaxTMI 
