IN RE: SHYAM TELECOM LIMITED, SHYAM TELECOM MANUFACTURING LIMITED, SHAYM TELELINK LIMITED AND SHYAM BASIC INFRASTRUCTURE PROJECTS PRIVATE LIMITED Vs. STATE

JUDGEMENT

(1.) The applicant company seeks to delete clause 3.7 of Part III of the approved Scheme of Arrangement between Shyam Telecom Limited, Shyam Telecom Manufacturing Limited, Shyam Telelink Limited, and Shyam Basic Infrastructure Projects Private Limited, and for consequential modifications therein so as to get the waiver from the requirement of listing of the shares of the Company and further to allow the promoters to come out with the open offer to the public shareholders of the company to purchase their shares. The applicant companies earlier filed S.B. Company Petition No. 23 of 2005 before this Court and this Court allowed the petition and sanctioned the Scheme of arrangement in terms of prayer clauses (a) to (c) of the petition. Clause 3.7 of Part III of Scheme reads as under:

(2.) The directions issued by this Court in so far as they related to clause 3.7 of the Scheme have not been carried out by either of the two Stock Exchanges. As a result thereof the Equity shares of STLL have neither been listed nor been admitted to trading on Bombay Stock Exchange (BSE) and/or National Stock Exchange (NSE).

(3.) In accordance with the terms of the Scheme read with 'no objection' communication issued by BSE and NSE, the company took following steps: