Securities Appellate Tribunal
Mercury Ev-Tech Limited vs Sebi on 11 July, 2023
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date : 11.07.2023
Misc. Application No. 850 of 2023
And
Misc. Application No. 851 of 2023
And
Appeal No. 570 of 2023
Mercury EV-Tech Limited ...Appellant
Versus
BSE Limited and Anr. ...Respondents
Mr. Shyam Mehta, Senior Advocate with Mr. J.J. Bhatt,
Ms. Rinku Valanju, Mr. Hemant Dharap and Ms. Akshita
Sharma, Advocates i/b R V Legal for the Appellant.
Mr. P.N. Modi, Senior Advocate with Mr. Manish Chhangani,
Ms. Samreen Fatima, Mr. Sumit Yadav and Mr. Abhay
Chauhan - Advocates i/b The Law Point for the Respondent -
BSE Limited.
Mr. Sumit Rai, Advocate with Mr. Aditya Sarangarajan and
Ms. Daksha Kasekar, Advocates i/b Mansukhlal Hiralal & Co.
for Respondent No. 2.
ORDER:
1. The BSE Limited introduced an Enhanced Surveillance Measure (ESM) with effect from June 15, 2023, as a result of 2 which, the appellant Company was placed under the Enhanced Surveillance Measure framework for micro-small companies which have a market capitalization of less than Rs. 500 crore. The Company was brought into Stage - II category, as a result of this Stage - II category the trading in the scrip of the Company was only permitted one day in a week.
2. According to the appellant, as a result of this placement of the scrip in Stage - II category, liquid scrip of the Company has been converted into a illiquid scrip which is causing a loss not only to the Company but also to the investors.
3. As per the circular of June 02, 2023 the Exchange is required to review the scrip of the Company on a weekly basis.
4. It has been stated by Shri P.N. Modi, the learned senior counsel for the respondent no. 1 that in all possibility the volatility of the price of the shares of the Company has cooled down and it is possible that upon a review the scrip would come out from Stage - II category into a different Stage - I or completely out of the Enhanced Surveillance Measure.
5. In view of the aforesaid, let a reply be filed by the respondent within 10 days which would also include the result 3 of the review of the appellant's securities. It has been stated that next review will take place on July 21, 2023. Accordingly, let this matter be listed on July 25, 2023 for admission.
6. This order will be digitally signed by the Private Secretary on behalf of the bench and all concerned parties are directed to act on the digitally signed copy of this order. Certified copy of this order is also available from the Registry on payment of usual charges.
Justice Tarun Agarwala Presiding Officer Ms. Meera Swarup Technical Member Digitally signed by 11.07.2023 MADHUKAR MADHUKAR SHAMRAO SHAMRAO BHALBAR msb BHALBAR Date: 2023.07.12 11:55:52 +05'30'