BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date of Decision : 22.07.2019
Appeal No. 118 of 2019
Radhika Santhanakrishnan
15, Krishnaswamy Iyer Avenue,
Luz, Chennai – 600 004.

… Appellant
Versus
1. BSE Ltd.
Floor 25, P. J. Towers,
Dalal Street, Fort,
Mumbai – 400 001.
2. S & S Industries and Enterprises Ltd.
204, SIDCO AIEMA TOWER,
First Main Road,
Ambattur Industrial Estate,
Chennai 600 058.

…Respondents
Mr. Somasekhar Sundaresan, Advocate with Mr. Rajesh Khandelwal,
Advocate i/b Juris Link for the Appellant.
Mr. Manish Chhangani, Advocate i/b Khaitan & Co. for the
Respondent Nos. 1.
None for the Respondent Nos. 2.
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
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(Delisting of Equity Shares) Regulations, 2009 (hereinafter referred
to as, ‘Delisting Regulations’) directing the appellant company to be
compulsorily delisted from the exchange.
2.

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 dated July 8, 2019 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.
3.

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.
4.

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
22.07.2019
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