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SATISH CHANDRA SHARMA, TUSHAR RAO GEDELA
Atul Agarwal – Appellant
Versus
Union of India – Respondent
JUDGMENT
Satish Chandra Sharma, C.J.
1. The present petition has been filed as a public interest litigation by the Petitioner Atul Aggarwal who is holding a Bachelor's Degree in Law stating that he is espousing the cause millions of investors who are being duped by the unscrupulous promoters of the companies as the promoters of the companies vanish after siphoning off the hard-earned money of the investors.
2. The Petitioner's contention is that the Respondent No.3 BSE is empowered under the statutory provisions to list or to suspend the trading of shares/ stocks/ securities and the listed companies on the stock exchange keeping in view Rule 19(5) of the Securities Contracts (Regulation) Rules, 1957 and the power to suspend the listed company is being arbitrarily used by Respondent No.3 being the stock exchange, merely on the grounds of non-compliance of procedural disclosures under listing agreement, non- payment of the listing fees etc. and the shares/ stocks/ securities of the listed companies have been suspended from time to time.
3. It has been stated that large number of companies have been suspended from continued listing by Respondent No.3 and subsequently many of them h
The statutory provisions governing the field provide for a transparent mechanism of delisting the securities, adequate participation and/ or representation of public shareholders in the process of de....
Company Court proceedings for capital reduction are distinct from securities regulations on minimum public shareholding and delisting; sanction does not preclude regulatory enforcement.
The ruling clarifies that freezing a promoter's demat account without involvement in the company's management violates constitutional rights and natural justice, reaffirming the necessity of procedur....
The court emphasized a pragmatic approach in granting extensions for compliance with regulatory requirements, prioritizing shareholder interests and the absence of grievances.
The court established that procedural compliance is essential in regulatory actions, and failure to follow mandated notice requirements invalidates such actions.
Appeal to Supreme Court – Supreme Court will exercise jurisdiction only when there is a question of law arising for consideration from decision of Tribunal – A question of law may arise when there is....
The main legal point established in the judgment is the validation of SEBI's Exit Policy and SECC Regulations, finding them in consonance with the SCR Act, and the court's direction for CSE to comply....
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