MADRAS STOCK EXCHANGE LTD Vs. AGATE FINANCE LTD

JUDGEMENT

(1.) THIS Original Side Appeal has been preferred by the Madras Stock Exchange Limited (for short, MSE), as against the order of the learned single Judge dealing with Company cases in Company Application No. 576 of 202 in Company Petition No. 79 of 2001, dated 20. 9. 2002.

(2.) THE first respondent-Transferee Company as part of the Scheme of Amalgamation originally ordered on 20. 7. 2001, sought for a direction to the appellant-MSE for compliance of Clause (4) (2) of the Scheme of Amalgamation and consequently grant exemption to the first respondent-Transferee Company from Rule 19 (2) (b) of Securities Contracts (Regulation) Rules, 1957 (for short, "the Rules") for listing of its shares in the appellant-MSE. While seeking for the above direction, the first respondent-Transferee Company also brought to the notice of the learned single Judge with particular reference to Clauses 8. 3. 5. 1 and 8. 3. 5. 3 of the Securities and Exchange Board of India (for short, SEBI) Guidelines for the purpose of grant of relaxation of Rule 19 (2) (b) of the Rules and stated that such requirement under the above referred to Clauses 8. 3. 5. 1 and 8. 3. 5. 3 of the SEBI Guidelines was duly complied with.

(3.) IT is in the light of the above stand taken on behalf of the first respondent-Transferee Company, the learned Judge directed the appellant-MSE for compliance of Clause 4 (2) of the Scheme of Amalgamation and consequently grant exemption to it from Rule 19 (2) (b) of the said Rules for the purpose of listing its shares with the appellant-MSE.