BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI
Appeal No. 155 of 2007
Date of decision: 3.7.2008
Uniworth Limited …… Appellant
Versus
1.Bombay Stock Exchange Limited
2.Securities and Exchange Board of India …... Respondents
Mr. Joby Mathew Advocate for the Appellant.
Mr. P.N. Modi Advocate with Mr. Sagar Divekar Advocate for Respondent no.1.
Mr. Dr. Poornima Advani Advocate with Mr. Haihangrang E.H. Newme Advocate for Respondent no.2.
Coram: Justice N.K. Sodhi, Presiding Officer
Arun Bhargava, Member
Utpal Bhattacharya, Member
Per: Justice N.K. Sodhi, Presiding Officer (Oral)
The appellant was a listed company and its shares were listed on the Bombay Stock Exchange (BSE). As the company fa iled to pay the annual listing fee and did not comply with the provisions of clause 38 of the listing agreement, trading in the scrip of the company was suspended with effect from February 3, 2002. It appears that after the trading was suspended, representati ves of the appellant had approached the BSE and tried to sort out matters so that th e trading could restart. As a result of the discussions between the appellant and BSE, the latter decided to revoke the suspension in trading subject to the conditi ons mentioned in the letter dated April 16, 2008 addressed to the appellant. A copy of this letter has been furnished to us during the course of the hearing by the learned counsel appearing for the respondent. The two primary conditions imposed by BSE are that the entire promoter holding of the company shall be under a lock-in period of 1 year from the date of revocation and that the company shall have to pay a sum of Rs.10. 8 lacs as reinstatement fee. It appears
that the appellant is seeking some time from the BSE to make the payment of the aforesaid amount. The learned counsel for th e respondent after taking instructions from his clients informs us that the pe riod stands extended till August 15, 2008 and that the appellant should comply with all the conditions enumerated in the letter dated April 16, 2008 by that time. The appellant is satisfied with the conditions imposed in
the aforesaid letter.
Since the suspension in trading has been revoked, the present appeal has become infructuous and the same is disposed of accordingly. No costs.
A copy of the letter dated April 16, 2008 is taken on record.
Sd/- Justice N. K. Sodhi Presiding Officer
Sd/-
Arun Bhargava
Member
Sd/-
Utpal Bhattacharya
Member
3.7.2008
pw