2019 (2) TMI 1685

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.... SEBI<br>Justice Tarun Agarwala, Presiding Officer AND Dr. C.K.G. Nair, Member Mr. Rakesh Puri, Advocate for the Appellant. Ms. Shreya Anuwal, Advocate with Ms. Pranjal Krishna, Advocate i/b Manilal Kher Ambalal & Co. for Respondent No. 1. Mr. Santanu Mitra, Advocate i/b Desai & Diwanji for the Respondent No. 2. None for Respondent No. 3. ORDER Per : Justice Tarun Agarwala, Presi....

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....semination Board of NSE. 4. The facts leading to the filing of the present appeal is that the appellant is a shareholder of respondent no. 3 Company. The scrips of respondent no. 3 Company was listed in the Madras Stock Exchange. The said Stock Exchange surrendered its recognition due to non-fulfillment of the criteria stipulated by Securities and Exchange Board of India ('SEBI' for short). As ....

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....ompliance with the listing requirements of the nationwide Stock Exchanges. Based on the circular dated October 10, 2016 an offer was made by respondent no. 3 Company to its shareholders to buy-back their shares by a letter of offer dated April 29, 2016. The buy-back offer was made with the intention to provide an exit opportunity to the existing shareholders at a fair price. The buy-back offers we....

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.... wholly illegal in as much as the circular dated April 17, 2015 and October 10, 2016 issued by SEBI only permitted the promoters to buyback the shares and did not allow the Company to buy-back the shares. It was contended that the said exercise made by respondent no. 3 Company was wholly illegal in gross violation of SEBI circulars and therefore the same should be set aside and a direction should ....