JUDGMENT :

1. The present petition has been filed by the petitioners with the following prayers:

“In view of the facts and circumstances stated hereinabove, it is therefore prayed this Hon’ble Court may graciously be pleased to:

1. issue Writ of Mandamus and / or Certiorari or any other appropriate Writ for quashing and / or setting aside the Impugned SEBI Clarification issued by the Respondent No.1;

2. Pass order declaring the Postal ballot Notice and PA of the respondent NO.2 as illegal and void;

3. Pass an order directing the respondent No.1 to initiate investigation into the breach of the MPS Norms by the respondent No.2 before any action may be taken by the respondent No.2 under the Exit Circular;

4. to direct the respondent No.1 to follow the mandate of the Section 11 of the Section 11 of the Securities and Exchange Board of India Act, 1992 and the circulars issued by respondent No.1 itself, and take appropriate actions accordingly;

5. pass any such other order or orders as this Hon’ble Court may deem and appropriate, in the interest of justice, in favour of the petitioners.”

2. In substance the grievance of the petitioners is that the respondent No.2 Bharat Nidhi Limited (‘BNL’ in s