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2019 (2) TMI 1685 - AT - SEBIRemoval from Dissemination Board of NSE - Illegal buy back of shares - HELD THAT:- The appellant did not accept the letter of offer and chose not to sell the shares back to the Company. The buy-back offers were made in the year 2016-17 and after two years the appellant has now filed the present appeal contending that the buy-back offer made by the Company was wholly illegal in as much as the circular dated April 17, 2015 and October 10, 2016 issued by SEBI only permitted the promoters to buyback the shares and did not allow the Company to buy-back the shares. The contention of the learned counsel for the appellant is patently misconceived as we find that SEBI issued a circular dated July 25, 2017 permitting the Company to buyback the shares so as to provide an exit to the public shareholders. In view of the said circular we do not find any illegality being made in the buy-back of the shares by the Company. In any case, we do not find any reason to disturb the arrangement made two years ago at this belated stage. In the light of the aforesaid, we do not see any illegality in the order dated July 2, 2018 removing respondent no. 3 Company from the Dissemination Board.
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