TaxTMI 
TaxTMI 
2019 (2) TMI 1685
X X X X Extracts X X X X
X X X X Extracts X X X X
....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, Presiding Officer (Oral) 1. The requirement of f....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 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 a result, the Company's share was placed in the Dis....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nwide 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 were received and the Company made payments of Rs. 1,9....
X X X X Extracts X X X X
X X X X Extracts X X X X
....l 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 be issued directing NSE to bring back the respondent ....