BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
DATE : 11.04.2019
Appeal No. 469 of 2018
Synergy Cosmetics (Exim) Ltd.
806, Saffron Building,
Panchvati to Ambawadi Road,
Ambawadi, Ahmedabad 380 006.

….. Appellant
Versus
BSE Ltd.
Floor 25, P. J. Towers,
Dalal Street, Fort, Mumbai – 400 001.

… Respondent
Mr. Akshit Jain, Advocate with Ms. Hiral Shah, Advocate i/b R. V.
Legal for the Appellant.
Mr. Abhiraj Arora, Advocate with Mr. Vivek Shah, Advocate for the
Respondent.

CORAM : Justice Tarun Agarwala, Presiding Officer
Dr. C. K. G. Nair, Member
Justice M. T. Joshi, Judicial Member
Per : Justice Tarun Agarwala, Presiding Officer (Oral)
1.

The Delisting Committee of BSE Ltd. (hereinafter referred to
as, ‘BSE’) passed the impugned order dated June 26, 2018 under
Regulations 22(2) of the Securities and Exchange Board of India
(Delisting of Equity Shares) Regulations, 2009 (hereinafter referred
to as, ‘Delisting Regulations’) directing the appellant company to be
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compulsorily delisted from the exchange. The present appeal has
been filed questioning the fair value of the company determined by
the independent valuer appointed by the exchange. An affidavit in
reply has been filed by the respondent today indicating that pursuant
to a fresh assessment the value of the shares of the company is now
NIL.

2.

In view of the aforesaid affidavit filed by the respondent
indicating that the fair value of the shares of the company is now NIL
and is not positive, the action provided under Regulation 23(3) of the
Delisting Regulations will not be applicable to the appellant
company.

3.

In view of the aforesaid the appeal is accordingly disposed of.

Sd/Justice Tarun Agarwala
Presiding Officer
Sd/Dr. C. K. G. Nair
Member
Sd/Justice M. T. Joshi
Judicial Member
11.04.2019
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