Securities Appellate Tribunal
Birla Transasia Carpets Limited vs Bse Limited on 12 March, 2026
IN THE SECURITIES APPELLATE TRIBUNAL
AT MUMBAI
Dated this the 12th day of March, 2026
CORAM : Justice P.S. Dinesh Kumar, Presiding Officer
Ms. Meera Swarup, Technical Member
Dr. Dheeraj Bhatnagar, Technical Member
Appeal No. 502 of 2024
[Along with Misc. Application No. 823 of 2024]
BETWEEN:
Birla Transasia Carpets Limited
Dalamal House,
First Floor, J.B. Marg,
Nariman Point,
Mumbai - 400 021. ..... Appellant
(By Mr. Abhisek Venkatraman, Advocate with Mr. Robin Shah
and Mr. Udaysingh Kashid, Advocates i/b Bodhi Legal for the
Appellant)
AND:
BSE Limited
25th Floor, P J Towers, Dalal Street,
Mumbai - 400 001. ...Respondent
(By Ms. Zarnaab Aswad, Advocate and Mr. Aayush Pandey,
Advocate i/b Khaitan & Co. for the Respondent-BSE)
THIS APPEAL IS FILED UNDER SECTION 15T OF THE
SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 TO
QUASH AND SET ASIDE THE IMPUGEND ORDER DATED
NOVEMBER 21, 2023 R/W NOTICE DATED FEBRUARY 22, 2024
PASSED BY THE BSE LIMITED.
THIS APPEAL COMING ON FOR HEARING THIS DAY, THE
TRIBUNAL MADE THE FOLLOWING:
2
ORDER
Per: Justice P.S. Dinesh Kumar, Presiding Officer (Oral) This appeal is directed against the order dated November 21, 2023 r/w Notice dated February 22, 2024 passed by the BSE directing delisting of all listed equity shares of the Company from the platform of BSE1, for non-compliance of LODR Regulations2.
2. We have heard Shri Abhisek Venkatraman, learned Advocate for the appellant and Ms. Zarnaab Aswad, learned Advocate for the respondent.
3. On earlier dates of hearing it was submitted by the learned Advocate for the appellant that the appellant be granted an opportunity to comply with the shortfalls. Accordingly, we had adjourned the matter.
4. Today, Ms. Zarnaab, learned Advocate for the BSE, on instruction submitted that the appellant has complied with all the shortfalls and paid the Outstanding SOP fines, Outstanding Annual Listing Fees, Processing Fees and Reinstatement Fees. The process of revocation of suspension remains to be undertaken. She submitted that in the peculiar facts of this case, the listing will be restored.
5. Ms. Zarnaab further submitted that some similarly situated Companies, after obtaining order from this Tribunal have not done the required compliances after restoration.
6. In reply, Shri Abhisek, submitted that if the appellant fails to do the compliances for revocation of suspension within four weeks from the date of restoration of listing, BSE shall be at a liberty to take action in accordance with law.
1BSE Limited 2 SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 3
7. In view of the above, the following:-
ORDER
(i) The appeal is disposed of by placing the submission of the learned Advocate for the BSE on record;
(ii) The BSE shall restore the listing of the Company forthwith;
(iii) The appellant Company shall ensure continuous compliances of the LODR Regulations and other applicable laws on an ongoing basis;
(iv) In case the appellant Company fails to comply with the extant norms for revocation of suspension within four weeks from the date of restoration of listing, BSE shall be at liberty to take action in accordance with law, including restoration of 'delisting' status of the appellant;
(v) The demat accounts of the promoters and promoter group of the appellant company shall be directed to be defreezed by BSE only after the suspension in the trading of securities of appellant Company is revoked;
Pending interlocutory application(s), if any, stand disposed of. No costs.
Justice P.S. Dinesh Kumar Presiding Officer Ms. Meera Swarup Technical Member Dr. Dheeraj Bhatnagar Technical Member 12.03.2026 MADHUKAR Digitally signed by MADHUKAR BHALBAR BHALBAR msb Date: 2026.03.13 15:02:24 +05'30'