JUDGMENT

The writ petition is preferred challenging Ext.P4 Circular issued by Securities and Exchange Board of India (for short SEBI) and Exts.P11 to P14 proceedings of National Stock Exchange of India Ltd (for short NSE) pursuant to Ext.P4 Circular by the SEBI.

2. The petitioner company was incorporated under the provisions of the Travancore Companies Act in the year 1944, engaged in Tea and Rubber Plantation within the State of Kerala.

3. The petitioners were originally listed with the Madras Stock Exchange (for short MSE), which has become non-operational since the 1990s. The petitioner company's shares were not traded in the MSE after 1992. Thereafter, there was no listing agreement with the MSE. In such circumstances, on 06.09.2002, the Company passed a resolution to delist the Company from MSE, which was intimated through a letter dated 23.09.2002.

4. Thereafter, the SEBI took the initiative to de-recognise Stock Exchanges with an annual turnover of less than ₹100 crores. Accordingly, the MSE was de-recognised. This action was taken by SEBI on its own volition. SEBI had issued certain guidelines for allowing the Exclusive Listed Companies (ELCs) to get listed on a Nationwide Stoc