2020 (1) TMI 377

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....ellant. Sagar Divekar and Abhimanyu Mhapankar, Advs. for the Respondent. ORDER Misc. Application No. 567 of 2019 : 1. For the reasons stated in the application, the delay in filing the appeal is condoned. Appeal No. 531 of 2019 : 1. The present appeal has been filed against the order of Bombay Stock Exchange Ltd. (hereinafter referred to as, 'BSE') dated August 19, 2019 a....

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....nce of certain provisions of the Listing Regulations. The said circular also provided a discretion to the stock exchange to deviate from the circular dated May 3, 2018 under exceptional circumstances only after recording reasons in writing. Thus, flexibility and discretion was provided to the stock exchange for levying penalties for non-compliance of the Listing Regulations. 3. The exceptional ....

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....rights 10000 17(1) Composition of BOD including appointment of woman Director 460000 17(1) Composition of BOD including appointment of woman Director 460000 18(1) Constitution of Audit Committee 184000 18(1) Constitution of Audit Committee 184000 19(1)/19(2) Constitution of nomination and remuneration Committee 184000 20(2) Constitution of Stak....

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.... the appellant was directed to deposit a penalty of Rs. 20,40,000/-. 6. Having heard the learned counsel for the parties, we find that admittedly, the appellant has violated various provisions of the Listing Regulations. The limited prayer made before us was that due to unforeseen events, the stock exchange should have taken the events as a mitigating factor to waive or reduce the quantum of pe....