Lumax Ancillary Ltd. A Company Incorporated Under The Companies Act, 1956 Having Its Registered Office At: B-86, Mayapuri Industrial Area New Delhi. Mr. Dhanesh Kumar Jain S/o Sh. Late S. C. Jain R/o Farm No. 23, Silver Oak Marg, Ghirtoni, Delhi. vs Securities And Exchange Board of India Ltd. 5th Floor, Bank of Baroda Building 16 Sansad Marg, New Delhi-110001

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2023 Supreme(Del) 2876

PURUSHAINDRA KUMAR KAURAV
Lumax Ancillary Ltd. A Company Incorporated Under The Companies Act, 1956 Having Its Registered Office At: B-86, Mayapuri Industrial Area New Delhi. Mr. Dhanesh Kumar Jain S/o Sh. Late S. C. Jain R/o Farm No. 23, Silver Oak Marg, Ghirtoni, Delhi. – Appellant
Versus
Securities And Exchange Board of India Ltd. 5th Floor, Bank of Baroda Building 16 Sansad Marg, New Delhi-110001 – Respondent

Advocates appeared:
Mr. Sanjeev Puri, Sr. Advocate with Ms. Pragy Puri, Advocates, for the Petitioners.
Mr. Chandra Prakash, Advocate, for the Respondent-1.
Mr. Neeraj Malhotra, Senior Advocate with Mr. Vedant Kumar, Mr. Nimish Kumar & Ms. Shreya Singh, Advocates, for the Respondent-2.
Ms. Surekha Raman & Ms. Unnimaya S., Advocates, for the Respondent-3.

JUDGMENT

Purushaindra Kumar Kaurav, J. (Oral)--This petition assails the impugned notice dated 09.05.2018, and a subsequent notice dated 19.05.2018 (Annexure-P1 Colly') issued by respondent Nos.2 and 3 to the extent that it includes the name of the petitioners as Promoter of Lumax Automotive Systems Limited. The petitioners have also prayed for the relief to direct respondents No.2 and 3 to remove the name of the petitioners from the "Promoter Group" of Lumax Automotive Systems Limited and reclassify the petitioners as "public group category".

2. The petitioners have taken various grounds to challenge the impugned action of the respondents, however, during the pendency of the instant writ petition, respondent No.3 while presenting a brief synopsis, has pointed out that the petitioner-Lumax Automotive Systems Limited was compulsorily delisted w.e.f. 11.05.2018. It has also been pointed out that at the relevant time, the status of the company, as reflected on the website of the Ministry of Corporate Affairs (MCA) was "Active" and was not showing as "Liquidated/Under Liquidation", therefore, the fair value for the company was computed by an independent valuer appointed in terms of the

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