TaxTMI 
TaxTMI 
2013 (7) TMI 309
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....ding approval of the equity shares issued by respondent no. 4 pursuant to its rights issue which closed for subscription on October 4, 2012. The grievance of the appellants is that they had made multiple representations to various entities entrusted with the responsibility of protecting interest of shareholders and investors, complaining about violation of various rules and regulations by respondents no. 4 and 5 relating to the said rights issue. However, the concerned entities have failed to take action necessary to protect the interest of investors. This is what the appellants contend in para 4(ao) of the appeal:- "4(ao). Since February 2012, VF has written a total of thirty five letters to SEBI, NSE, BSE, ICICI, RBS, MM and HB, bringing....
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....nder, cannot challenge the order which make those vary shares tradeable in the stock market. According to learned senior counsel, the appellants cannot have any grievance against the order that permits the shares they have subscribed to, to be traded and listed in the stock market. The appellants grievance neither arise nor flow from the impugned order. The grievance of the appellants, according to the learned senior counsel, is related to corporate governance, manner of functioning of respondent no. 4 and alleged acquisition of control by certain other entities. None of these are matters having anything to do with the grant of listing of rights issue in accordance with laid down norms. Learned senior counsel further contended that the natu....
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.... The appellants letter dated February 15, 2012 list the violations of multiple securities laws including terms and conditions of the listing agreement and these allegations have not been considered. It was, therefore, contended that the appeal is maintainable and the Tribunal should hear the appeal on merits and grant the prayers as prayed for. 6. I have considered the rival submissions and perused the documents available on record. Sub-section (1) of Section 23L of the Act interalia provides that any person aggrieved by the order or decision of the recognized stock exchange may prefer an appeal before the Securities Appellate Tribunal. The case of the appellants is that they are aggrieved by the decision of NSE to grant listing and tradin....
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....led to object and be heard by the authority before it took the impugned action? If so, was he prejudicially affected in the exercise of that right by the act of usurpation of jurisdiction on the part of the authority? Is the statute, in the context of which the scope of the words "person aggrieved" is being considered, a social welfare measure designed to lay down ethical or professional standards of conduct for the community? Or is it a statute dealing with private rights of particular individuals?" 7. This has been followed by this Tribunal in a large number of orders including in the case of Bharatbhai Baldev Shah v. SEBI [2009] 95 SCL 279 (SAT-Mum.). The appellants have failed to show how the listing permission granted by NSE by the im....