2015 (6) TMI 858

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Mr. Deepak Dhane, Mr. Pratyush Ranjan, Advocates i/b Halai & Co. For The Respondent : Mr. Rashid Boatwalla, Advocate with Ms. Aditi Kamath, Advocate i/b Manilal Kher Ambalal & Co., Mr. Ajay Khaire, Advocate i/b The Law Point, Mr. Mihir Mody, Advocate with Mr. Rushin Kapadia, Advocate i/b K. Ashar & Co. Per : Justice J. P. Devadhar (Oral) 1. Appellant is aggrieved by the communication dat....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Clause 41 of the Listing Agreement till date. 2. Counsel for the appellant submitted that the delay in complying with the requirements of Clause 41 of the Listing Agreement (i.e. submission of unaudited financial statements for the first three quarters of FY 2014-15) has been on account of 'persisting reasons being dire financial duress pushing the company into debt trap and vicious standstill....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....m time to time, the appellant has neither complied with Clause 41 of the Listing Agreement nor paid the penalty. In these circumstances, no fault can be found with the NSE in seeking to suspend the trading in the securities of the appellant. 4. Counsel for appellant submitted that the impugned communication is bad in law because, the serious financial difficulties which were brought to the noti....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s contended by the counsel for appellant that the NSE is not justified in passing the impugned communication without assigning any reason for rejecting the representation made by the appellant. 6. We see no merit in the above contentions. If due to severe financial crisis appellant is unable even to submit the unaudited financial statements for three quarters inspite of repeated penalties impos....