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PANKAJ MITHAL, SANDEEP MEHTA
Jyoti Limited – Appellant
Versus
BSE Limited – Respondent
ORDER
Heard learned counsel for the parties.
2. Under challenge in this statutory appeal is the judgment and order dated 21.12.2021 passed by the Securities Appellate Tribunal, Mumbai in Appeal No. 224 of 2019 titled as “Jyoti Limited Vs. BSE Limited and Anr.”.
3. The appellant-Jyoti Limited applied for listing of certain equity shares to the Bombay Stock Exchange [BSE for short] but the application to that effect was not accepted for the reason that the appellant had not taken in principle approval from the Stock Exchange and that the appellant had not even taken the approval of the shareholders for the allotment of the shares to the Asset Reconstruction Private Limited [RARE for short]. The above order of the BSE rejecting the application of the appellant for the listing of shares was upheld and confirmed by the Securities Appellate Tribunal by the order impugned.
4. In assailing the above orders, the submission of learned counsel appearing for the appellant is that Section 9(1) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Act, 2002 [SARFAESI Act for short] permits the RARE to take measures such as conversion of any portion of debt into sh
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