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2022 (3) TMI 1540 - AT - SEBICompulsory delisting against the company - Payment of reinstatement fee to the Exchange - company was granted 30 days time to submit all pending compliances including payment of all outstanding Exchanges dues and to complete the formalities for revocation of suspension of securities of the company - Whether appellant entitled to pay annual listing fee during the suspension period? - as argued appellant is not entitled to pay the reinstatement fee as demanded by the respondent - HELD THAT:- We find that reinstatement fee is one of the requirements for purpose of revocation of suspension in the trading of securities. This requirement of payment of reinstatement fee is also gathered from the Circular dated December 19, 1994 issued by SEBI and Master Circular of listing dated January 18, 2019 wherein it becomes obligatory for a Company whose securities continue to be listed at the Exchange to pay annual listing fee as well as reinstatement fee for considering revocation of suspension in trading in the securities of the company. The respondent is entitled to levy fee for the purpose of revocation of suspension of trading in securities and the same is binding on companies desirous of such revocation. The Byelaw also empowers the respondent to reinstate suspended securities subject to conditions as it deems fit. Further in Clause 43 of the Listing Agreement the respondent is entitled to levy reinstatement fee upon companies seeking revocation of suspension of trading in securities. We do not find any error in the interim order passed by the Delisting Committee. The appeal fails and is dismissed with no order as to costs.
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