2025 (11) TMI 868

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....Siddharth Yewale, Advocates i/b. Manilal Kher Ambalal & Co. for the Respondent No. 1 Ms. Khushbu Chhajed, Advocate with Mr. Nishit Dhruva, Ms. Rasika Ghate and Ms. Khushbu Trivedi, Advocates i/b. MDP Legal for the Respondent No. 2. ORDER Per: Justice P.S. Dinesh Kumar, Presiding Officer This appeal is presented with the following prayers: "(i) That the Respondent No. 1 be directed to correct the inaccurate Portrayal of the Appellant as the current director of GSL it's former Trading Member in the attachment to the Download ref no NSE/COMP/47716 Circular no 43/2021 dated March 23, 2021 being Exhibit "A" hereto; (ii) The Respondent no 1 be further directed to remove the name of the Appellant from the List of ....

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....llant was a Director as on the date of the default i.e. November 5, 2018. The terminals of Guiness Securities were disabled on November 7, 2018. The appellant had tendered his resignation on November 27, 2018. Thus, the appellant was, indeed a Director of Guiness Securities as on the date of the default. Hence, there is no infirmity in showing appellant's name as one of the Directors of the defaulting company. 6. On the previous dates of hearing we had called upon the NSE to consider whether the date of default, expulsion of the trading member and the date on which the Director of such entity was functional can be displayed. Shri Sancheti] submitted that as per sub-rule 4A(iv) and sub-rule 5 of Rule 8 of Securities Contracts (Regulations....