PENTAMEDIA GRAPHICS LIMITED Vs. BOMBAY STOCK EXCHANGE

JUDGEMENT

(1.) THESE company applications are filed by the transferor and transferee companies, challenging the order of the Bombay Stock Exchange dated 13th June 2006 and to direct the Stock Exchange to list the shares of Mayajaal Entertainment Ltd.

(2.) THE prayer herein is the result of the approved Composite Scheme of Amalgamation, merger and compromise which provided for listing of the equity share capital of Mayajaal Entertainment Ltd. in the Madras Stock Exchange, Chennai, National Stock Exchange of India, Mumbai, and the Stock Exchange, Mumbai.

(3.) IT is seen that on an earlier occasion, the Bombay Stock Exchange filed applications in C.A. Nos. 498 to 502 of 2006 before this Court to modify the terms of the order of this Court dated 12.10.2004 approving the Scheme. After hearing both sides, by order dated 5.4.2006, this Court directed that the objections of the applicants herein be placed before the Stock Exchange, Mumbai, and a reasoned order be passed. Consequent on the directions, the Stock Exchange has now passed an order rejecting the plea for listing the shares of Mayajaal Entertainment Ltd. Aggrieved of this, the applicant companies, who are parties to the Scheme, are now before this Court.