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Showing contexts for: penal code section 396 in National Spot Exchange Ltd. vs Sebi on 9 June, 2022Matching Fragments
24. Having heard the learned counsel for the parties, we find that the WTM has placed extensive reliance on two decisions of the Hon'ble Bombay High Court in the matter of 63 Moons Technologies Ltd. & Ors. vs. Union of India & Ors. dated December 4, 2017 in Writ Petition No. 2743 of 2014 and decision dated October 1, 2015 in Writ Petition No. 1403 of 2015 in the matter of National Spot Exchange Ltd. vs. State of Maharashtra & Ors. Writ Petition No. 2743 of 2014 was filed by 63 Moons Technologies Ltd. & Ors. challenging the order of the Central Government passed under Section 396 of the Companies Act, 1956 ordering the compulsory merger between NSEL and 63 Moons Technologies Ltd. & Ors. The Division Bench of the Hon'ble Bombay High Court dismissed the Writ Petition and the observation made in this order was relied upon by the WTM. The said order of the Division Bench was set aside in toto by the Hon'ble Supreme Court by its judgment dated April 30, 2019 passed in Civil Appeal No. 4476 of 2019. Thus, we are of the opinion that once the order of the Hon'ble Bombay High Court has been set aside by the Hon'ble Supreme Court, the said decision of the Division Bench of the Hon'ble Bombay High Court no longer exist and consequently, no reliance can be made on any finding or observations made therein.