Appeal dismissed; merger validity not reopened, leasehold rights transferred to corporate debtor formed liquidation estate; section 36(4)(a)(iv) inapp...
The AT held that Annexure A to the impugned circular created the misleading impression that the appellant presently remains a director of the expelled trading member. It was established that the trading terminals were disabled on November 7, 2018, the date of default was November 5, 2018, the trading member was expelled on May 6, 2019, and the appellant tendered resignation on November 27, 2018. The AT directed the respondent exchange to amend Annexure A to expressly state the specific date until which the appellant served as director of the expelled trading member, thereby confining the published record to the precise period of directorship to avoid ongoing reputational prejudice.
The AT held that Annexure A to the impugned circular created the misleading impression that the appellant presently remains a director of the expelled trading member. It was established that the trading terminals were disabled on November 7, 2018, the date of default was November 5, 2018, the trading member was expelled on May 6, 2019, and the appellant tendered resignation on November 27, 2018. The AT directed the respondent exchange to amend Annexure A to expressly state the specific date until which the appellant served as director of the expelled trading member, thereby confining the published record to the precise period of directorship to avoid ongoing reputational prejudice.
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