MIHIR MOHAN PYNE Vs. CALCUTTA STOCK EXCHANGE LIMITED

JUDGEMENT

(1.) The petitioner no. 1 is one of the directors of the proforma respondent no.5-Company that is Camperdown Pressing Co. Ltd and the petitioner no.2 is his wife. Admittedly, the petitioner no.1 forms a part of the 'promoter group" as defined under regulation 2(1)(w) of the Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations, 2015 (for short, 'the 2015 Regulations') and the family of the petitioners control the management and affairs of the proforma respondent no.5-Company.

(2.) The present writ petition has been preferred against the act of the respondent no.1, the Calcutta Stock Exchange (CSE) in freezing the Demat Accounts of the petitioners.

(3.) Learned counsel appearing for the petitioners takes the court through the provisions of Sec. 98 of the 2015 Regulations, Chapter V of SEBI (Delisting of Equity Shares) Regulations, 2021 (hereinafter referred to as the '2021 Regulations'') and Circular No. SEBI/HO/CFD/CMD/CIR/P/2020/12 dated January 22, 2020.