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2015 (6) TMI 858 - AT - Companies LawSuspension of trading - Non compliance with clause 41 of the Listing agreement and/or Regulation 55A of the Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996 - Serious financial difficulties - Held that:- If due to severe financial crisis appellant is unable even to submit the unaudited financial statements for three quarters inspite of repeated penalties imposed against the appellant, then, it is all the more necessary to suspend the trading in the securities of the appellant immediately, because, any delay in suspending the trading in the securities of appellant may harm the interests of investors. Assuming that the financial crisis of the appellant is genuine, permitting the investors to trade in the securities of the appellant without disclosing the unaudited financial status of the appellant would be hazardous to the interests of the investors as well as the securities market and contrary to the policy decision of SEBI. - Decided against the appellant.
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