Securities Appellate Tribunal
K.D. Leisures Limited vs Bse Limited on 17 March, 2026
IN THE SECURITIES APPELLATE TRIBUNAL AT
MUMBAI
DATED THIS THE 17TH DAY OF MARCH, 2026
CORAM : Justice P. S. Dinesh Kumar, Presiding Officer
Ms. Meera Swarup, Technical Member
Dr. Dheeraj Bhatnagar, Technical Member
Appeal No. 692 of 2024
And
Misc. Application No. 1254 of 2024
And
Misc. Application No. 1255 of 2024
Between
KD Leisures Limited
B-10/665/1,
Iqbal Ganj, Iqbal Ganj Chowk,
Ludhiana, Punjab - 141 008. .... Appellant
By Mr. Kushal Shah, CA and Dr. Keyur Shah, Advocate i/b.
Prakash Shah & Associates for the Appellant.
And
BSE Limited
Phiroze Jeejeebhoy Towers,
Dalal Street, Mumbai - 400 001. .... Respondent
By Mr. Tomu Francis, Advocate with Ms. Zarnaab Aswad,
Advocate i/b M/s. Khaitan and Co. for the Respondent.
THIS APPEAL IS FILED UNDER SECTION 23L OF SCRA,
1956 TO SET ASIDE ORDERS DATED OCTOBER 23,
2
2024 AND AUGUST 22, 2024 (EX-A & B) PASSED BY
BSE.
THIS APPEAL COMING ON FOR HEARING THIS 17TH
DAY OF MARCH 2026, THIS TRIBUNAL PASSED THE
FOLLOWING:
O R D E R
Per : Justice P. S. Dinesh Kumar, Presiding Officer (Oral) This appeal is directed against the order dated August 22, 2024 passed by the BSE1 and letter dated October 23, 2024 by the BSE directing delisting of equity shares of the Company from BSE's platform, for non-compliance of LODR Regulations2.
2. We have heard Shri Kushal Shah, authorized representative for the appellant and Shri Tomu Francis, learned advocate for the respondent.
3. On previous dates of hearing, it was submitted by the learned authorized representative for the appellant that the appellant be granted an opportunity to comply with the shortfalls. Accordingly, we had adjourned the matter.
4. Today, Mr. Francis, learned advocate for the BSE, on instructions submitted that the appellant has complied with all the shortfalls and paid the 'Outstanding SOP fines', 'Outstanding Annual Listing Fees', Processing Fees and 1 Bombay Stock Exchange 2 SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 3 Reinstatement Fees. The process of revocation of suspension remains to be undertaken. He submitted that in the peculiar facts of this case, the listing will be restored.
5. He submitted that some similarly situated Companies, after obtaining order from this Tribunal have not done the required compliances after restoration.
6. In reply, Shri Kushal Shah, submitted that if appellant fails to do the compliances as directed by this Tribunal within four weeks, BSE may restore the delisting status of the appellant-Company pursuant to the impugned order.
7. In view of the above, the following:-
ORDER i. The appeal is disposed of by placing the submissions of the learned advocate for the BSE Ltd., on record.
ii. The BSE Ltd. 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 the restoration of listing, BSE shall be at liberty to take action in accordance with law including restoration of 'delisting' status based on 4 appellant's undertaking recorded in Paragraph No. 6 above.
v. BSE shall direct defreezing of demat accounts of the promoters and promoter group of the appellant company, only after the revocation of suspension in the trading of securities of appellant Company.
8. The appeal stands disposed of in above terms. 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 17.03.2026 MRS Digitally signed by MRS PRAMILA PTM PRAMILA Date: 2026.03.26 17:18:28 +05'30'