JUDGMENT :

(Ravi Krishan Kapur, J.)

By consent of the parties both these applications were heard analogously.

CA/4/2021

1. This is an application filed by the Securities and Exchange Board of India (SEBI) seeking the following reliefs:-

(a) Leave of the Court may be granted that apart from the divestment process being adopted by the Trust and in case the Trust is unable to meet the MPS compliance, the Company/its Promoter(s) /Promoters Group/Directors may also be directed to meet the MPS requirements.

(b) To allow SEBI to take necessary action against the Company/its Promoter(s) /Promoters Group/Directors as per the provisions /methods available under Securities Laws in order to meet the MPS requirements.

(c) Ad-interim order in terms of prayers above.

(d) Pass such other order or orders and/or direction/directions as Your Lordship may deem fit and proper.

2. Briefly, by an order dated 17 April, 2013 a scheme of amalgamation was sanctioned by this Court whereby the demerged company Indian Power Corporation Limited (IPCL) was transferred to Power Trust (the Trust), an irrevocable investment Trust and the residual undertaking of the demerged company was merged with Dishergarh Power Su