ATUL AGARWAL Vs. UOI

JUDGEMENT

(1.) The present petition has been filed as a public interest litigation by the Petitioner Atul Aggarwal who is holding a Bachelor's Degree in Law stating that he is espousing the cause millions of investors who are being duped by the unscrupulous promoters of the companies as the promoters of the companies vanish after siphoning off the hard-earned money of the investors.

(2.) The Petitioner's contention is that the Respondent No.3 BSE is empowered under the statutory provisions to list or to suspend the trading of shares/ stocks/ securities and the listed companies on the stock exchange keeping in view Rule 19(5) of the Securities Contracts (Regulation) Rules, 1957 and the power to suspend the listed company is being arbitrarily used by Respondent No.3 being the stock exchange, merely on the grounds of non-compliance of procedural disclosures under listing agreement, non- payment of the listing fees etc. and the shares/ stocks/ securities of the listed companies have been suspended from time to time.

(3.) It has been stated that large number of companies have been suspended from continued listing by Respondent No.3 and subsequently many of them have been de-listed without ensuring any protection to investors and, therefore, appropriate mechanism should be in place to take action against those persons who are duping the investors.