2015 (3) TMI 620

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....atan Singh, Advs., Gaurab Banerjee, Sr. Advs., Neeraj Malhotra, Prithu Garg and Vyom Shah, Advs. for the Respondent. ORDER 1. This petition under Article 226 of the Constitution of India, filed as a Public Interest Litigation (PIL), (i) seeks a direction to the respondent no.2 Securities and Exchange Board of India (SEBI) to refrain from continuing with the proposed de-recognition of Regiona....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....itioner whether any of the stock exchanges de-recognized or to be de-recognized or any of the shareholders of the companies listed thereon have made any grievance in this regard. The counsel for the petitioner states that he is not aware. 4. According to the petitioner also, the said process of de-recognition is going on since the year 2008 i.e. for the last over five years. It is intriguing th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....n to the otherwise well established rule, of only a person having cause of action or locus standi being entitled to approach the Court. Such invention was deemed necessary finding that in certain situations, owing to social or economic backwardness or other reasons, the aggrieved parties were themselves unable to approach the Court (see S.P. Gupta v. Union of India 1981 Supp.(1) SCC 87 and State o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....(see Neetu v. State of Punjab [2007] 10 SCC 614) and of allowing 'meddlesome interlopers' to file PI S..P. Gupta (supra) is apposite in this regard. Similarly, in Holicow Pictures (P.) Ltd. v. Prem Chandra Mishra AIR 2008 SC 913 it was held that PIL is to be used for delivering social justice to the citizens. 8. The present case falls in neither of the aforesaid categories. The investor....