BEFORE THE
SECURITIES APPELLATE
MUMBAI
TRIBUNAL
Date: 16.1.2019
Misc. Application No.375 of 2018
And
Appeal No.421 of 2018
Gazi Financial Services and Investment Limited
12-A, Mehta House, 36,
Pandita Ramabai Road, Chowpatty,
Mumbai -400007.

….. Appellant
Versus
1. BSE Ltd.
25th Floor, P.J. Towers,
Dalal Street, Fort,
Mumbai – 400 001.
2. Dr. Munir Gazi
H.M. Tower, Junction of 24th and 29th Road,
Opp. Hotel Grand Residency,
Bandra (West), Mumbai – 400 050.
3. Shirin Gazi
H.M. Tower, Junction of 24th and 29th Road,
Opp. Hotel Grand Residency,
Bandra (West), Mumbai – 400 050.

..… Respondents
Ms. Rinku Valanju, Advocate with Mr. Akshit Jain, Advocate for the
Appellant.
Mr. Chirag Shetty, Advocate with Ms. Misbah Dada, Advocate for the
Respondent for Respondent no.1.
None for Respondent nos. 2 and 3.
CORAM: Justice Tarun Agarwala, Presiding Officer
Dr. C.K.G. Nair, Member
Per : Justice Tarun Agarwala (Oral)
1.

Delay in filing the appeal is condoned. The application is allowed.

The Delisting Committee of BSE Ltd. passed an order dated 26th June, 2018
2
under Regulation 22(2) of the Securities and Exchange Board of India
(Delisting of Equity Shares) Regulations, 2009 (hereinafter referred to as
‘Delisting Regulations’) directing all listed equity shares of the Gazi Financial
Services and Investment Ltd. (hereinafter referred to as ‘Company’) to be
compulsorily delisted from the Exchange.

The Company in terms of
Regulation 23(3) of the Delisting Regulations were also directed to acquire the
delisted equity shares from the public shareholders by paying them the value
determined by the Valuer appointed by the Exchange. In para 2.9 of the order
the fair value of the Company determined by the Independent Valuer appointed
by the Exchange was Rs.10/-. Certain other directions were also issued by
BSE Ltd.

The appellant Company aggrieved by the determination of fair
value as per para 2.9 of the impugned order has filed the present appeal
contending that the value as determined by the Independent Valuer was
incorrect.
2.

The respondent BSE has filed an affidavit dated 15.1.2019 indicating
that the fair value of the shares of the company is ‘NIL’ and since the fair value
is not positive the action provided under Regulation 23(3) of the SEBI
Delisting Regulations will therefore not be applicable to the appellant
Company.
3.

In view of this affidavit, the grievance of the appellant has now been set
at rest. The appeal is accordingly disposed of.

Sd/Justice Tarun Agarwala
Presiding Officer
Sd/Dr. C.K.G. Nair
Member
16.1.2019
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