Pk Hospitality Services Private ... vs National Stock Exchange Of India Ltd. ... on 16 July, 2021

[Cites 1, Cited by 4]

Bombay High Court

Pk Hospitality Services Private ... vs National Stock Exchange Of India Ltd. ... on 16 July, 2021

Author: Prithviraj K. Chavan

Bench: K.K.Tated, Prithviraj K. Chavan

                                                                  15.12299.21-wpl.odt


                             IN THE HIGH COURT OF JUDICATURE AT BOMBAY
         Digitally
         signed by
                                ORDINARY ORIGINAL CIVIL JURISDICTION
         BASAVRAJ
BASAVRAJ GURAPPA
GURAPPA PATIL
PATIL    Date:                       WRIT PETITION (L) NO. 12299/2021
         2021.07.17
         13:00:08
         +0530
                      PK Hospitality Services
                      Pvt. Ltd.                                   ..... Petitioner

                             Vs.

                      National Stock Exchange of
                      India Ltd. & Ors.                           ..... Respondents


                      Mr. Amir Arsiwala for the Petitioner
                      Dr. Birendra Saraf, Senior Advocate a/w. Mayur Bhojwani
                      I/b. M/s. Manilal Kher Ambalal & Co. for Respondent No.1.
                      Mr. Manish Chhangani a/w. Ravishekhar Pandey I/b. The
                      Law Point for Respondent No.2 BSE.
                      Mr. Mihir Mody, Arnav Misra, I/b. K. Ashar & Co. for
                      Respondent No.3 SEBI

                                     CORAM:      K.K.TATED &
                                                 PRITHVIRAJ K. CHAVAN, JJ.

                                     DATED :     JULY 16, 2021
                                                 (VIDEO CONFERENCING)
                      P.C.

                             Heard.       By this petition under Article 226 of the

Constitution of India, the Petitioner is seeking declaration that the action of Respondent Nos.1 and 2 in delisting the shares of Respondent No.4 - Amar Remedies Ltd. under section 21A of the Securities Contracts (Regulation) Act 1956 (said Act), is unlawful and contrary to the provisions of law and direct Respondent Nos.1 and 2 to forthwith withdraw the circulars/notices dated 01.10.2019 and 12.02.2020 respectively, issued under said section 21A of the said Act insofar as Respondent No. 4 is concerned.

Basavraj G. Patil 1/2

15.12299.21-wpl.odt 2 The learned counsel for the Petitioner submits that as per their contention, Respondent No.1 has issued public notice dated 19.09.2019 stating that the shares of Respondent No.4 are de-listed from the Stock Exchange. He submits that though it is stated in the public notice that after taking decision under section 21A of the said Act, they published the notice, neither the notice was issued to Respondent No.4 nor any decision is taken by them. Hence, the present Writ Petition has been filed.

3 The learned counsel for Respondent Nos.1, 2 and 3 submit that the petition filed by the Petitioner is not maintainable. Both the counsel submit that the Petitioner has an alternate remedy to prefer an appeal. Hence, the Writ Petition is liable to be dismissed on that ground only.

4 Dr. Saraf, the learned counsel for Respondent No.1 seeks some time to place on record all the documents to show that after following due process of law, they passed the order under section 21A of the said Act.

5 Hence, the following order is passed:

a. The Respondents to file reply on or before 31.07.2021, with copy to other side. b. Rejoinder, if any, shall be filed on or before 03.08.2021, with copy to other side.

       c.      S.O. to 06.08.2021.


(PRITHVIRAJ K. CHAVAN, J.)                  (K.K.TATED, J.)

Basavraj G. Patil                                                 2/2

Legal Document View

Unlock Advanced Research with PRISMAI

Bombay High Court