Axis Trustee Services Limited vs Union Of India

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2023 Supreme(Bom) 999

S. V. GANGAPURWALA, S. M. MODAK
Axis Trustee Services Limited – Appellant
Versus
Union Of India – Respondent

Advocates appeared:
Janak Dwarkadas, Advocate, Dr. Birendra Saraf, Advocate, Ankit Lohia, Advocate, Sunil Tilokchandani, Advocate, Sachin Chandarna, Advocate, Vikram Trivedi, Advocate, Pooja Batra, Advocate, Neha Javeri, Advocate, Nipa Ghosh, Advocate, Manilal Kher Ambalal, Advocate, Dinyar Madon, Advocate, Tanushree Kejriwal Parinam, Advocate, Paras Parekh, Advocate, Tanushree Kejriwal, Advocate, Shuthara Swami, Advocate, Ashish Venugopal, Advocate, Abhineet Sharma, Advocate, Shonan Bangera, Advocate, Sharan Jagatiani, Advocate, Apurva Manwani, Advocate, B.Gopalkrishnan, Advocate, Nilesh Ghadge, Advocate, Parikshit Desai, Advocate, Ashish Dalal, Advocate, Saloni Shah, Advocate, Zal Andhyarujina, Advocate, Karan Bhide, Advocate, Pradeep Bakhru, Advocate, Nikhil Gupta, Advocate, Shreya Sancheti, Advocate, Labdhi Mehta, Advocate, Wadia Ghandy, Advocate, Shrijan Sinha, Advocate, Prerna Gandhi, Advocate, Preet Chheda, Advocate, Pradeep Bakhru, Advocate, Nikhil Gupta, Advocate, Labdhi Mehta, Advocate, L.V.Srinivasan, Advocate, Aspi Chinoy, Advocate, Rohaan Cama, Advocate, Rohan Dakshini, Advocate, Vishesh Malviya, Advocate, Nikita Mishra, Advocate, Kyrus Modi, Advocate, Aman Sadiwala, Advocate, Ravi Kadam, Advocate, Ashish Kamat, Advocate, Vivek Shetty, Advocate, Nishant Upadhyay, Advocate, Dhaval Vora, Advocate, Akilesh Menezes, Advocate, J.P.Sen, Advocate, Rohan Dakshini, Advocate, Vishesh Malviya, Advocate, Nikita Mishra, Advocate, Kyrus Modi, Advocate, Rashmikant, Advocate, Vrushabh Vig, Advocate, Sharad Bansal, Advocate, Kunal Parekh, Advocate, Naushad Engineer, Advocate, Abhiraj Arora, Advocate, Shourya Tanay, Advocate, Harshvardhan Nankani, Advocate, D.P.Singh, Advocate, Aditya Thakkar, Advocate, Anubhav Ghosh, Advocate, Pranav Kamdar, Advocate, Mihir Mody, Advocate, Harshvardhan Melanta, Advocate, Shreyas Pandlai, Advocate, K.Ashar, Advocate, Mayur Khandeparkar, Advocate, Rohan Dakshini, Advocate, Vishesh Malviya, Advocate, Nikita Mishra, Advocate, Kyrus Modi, Advocate, Aman Sadiwala, Advocate, Chitra Rentala, Advocate

JUDGMENT

S.V.Gangapurwala, J. - Rule.

Rule made returnable forthwith. By consent of the parties, taken up for final disposal.

2. The substratum of the challenge is the communication dated March 14, 2020 under which the Administrator of the Yes Bank Ltd., informed the (Bombay Stock Exchange) BSE Limited and National Stock exchange the decision ('impugned decision') of the writing off of the Additional Tier 1 Debenture bonds.

3. The petitioner therein seeks that the impugned decision be set aside and quashed. It further seeks directions against the National Securities Depositories Limited and Central Depository Services to take such steps to reverse the effect of any accounting, entries, noting, write-offs, cancellations, or any such steps that may have been undertaken pursuant to the impugned decision to write off the Additional Tier 1 bonds.

4. Various writ petitions are filed to seek the same declaration. As all these writ petitions are based on similar set of facts and involve common questions of law, as such to avoid rigmarole, the petitions are decided together. For convenience purposes, the facts as mentioned in the Writ Petition No.785 of 2021 are referred to.

5. We have heard Seni

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2023 Supreme(Bom) 999

S. V. GANGAPURWALA, S. M. MODAKAxis Trustee Services Limited – AppellantVersusUnion Of India – Respondent

Cases Referred (8)

S. V. GANGAPURWALA, S. M. MODAK
Axis Trustee Services Limited – Appellant
Versus
Union Of India – Respondent