ROOFIT INDUSTRIES LTD Vs. BSE LIMITED

JUDGEMENT

(1.) It is a Company Application filed by the Resolution Professional assailing the Order of Delisting passed by Bombay Stock Exchange delisting the shares of the Corporate Debtor Company along with other Companies on 21.8.2017 with reliefs as follows:

(2.) This Applicant has made not onlv the Stock Exchanges as parties but also SEBI as R-3, Ministry of Corporate Affairs as R-4 impugning the notice dated 21.8.2017 given under Rule 21(2) (b) of the Securities Contract (Regulation) Rules 1957 delisting the shares of the Corporate Debtor from its Exchange. This Applicant submits that this Corporate Debtor is not under liquidation as mentioned by the First Respondent annexed to the Notice mentioned (BSE) . The Applicant submits that the Whole-time Directors, Promoters and group Companies shall be debarred from accessing the Companies securities from the market for a period of 10 years and the Corporate Debtor if debarred from access to securities for a period of 10 years from the date of compulsory date of delisting as envisaged under Regulations 24 of SEBI Delisting Regulations, it will affect the revival of the Corporate Debtor whereby the Insolvency Resolution Professional has filed this Company \pplication under the assumption that moratorium declared under sec. 14(1) (a) of I&B Code, 2016 prohibits the Stock Exchanges from delisting the shares from the Exchanges.

(3.) The Applicant Counsel has propounded his argument on the premise that for the power has been conferred upon the Resolution Professional under section 35 (2) of the Code to consult all the stake holders entitled to distribution of proceeds u/s 53 of the Code, he says that delisting of shares shall not be permitted, the reason he quoted is that the shares of the company would come to zero value.