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2015 (7) TMI 23 - AT - Companies LawClaim of Bondholders - Invested in Foreign Currency Convertible Bonds (FCCBs) - Held that:- In the face of the above pendency of matter before the Hon’ble Supreme Court as well as learned City Civil Court at Dindoshi, this Tribunal in the present appeal, is mainly concerned with the impugned order dated April 23, 2014 passed against the appellants. The issue regarding redemption of FCCBs is not directly before this Tribunal. The Tribunal is, therefore, of the considered opinion that SEBI itself is competent enough to defend its order before this Tribunal and interveners do not have a locus-standi to intervene in the facts and circumstances of the present case. Moreover, permitting intervention by shareholders or Bondholders in any appeal filed by a company against the order passed by SEBI / Stock Exchanges would mean opening a flood-gate and in such a case it would be impossible to dispose of the appeals filed before this Tribunal. It is true that in a given case, the Tribunal may be inclined to allow an application for intervention on behalf of an affected party but it cannot be generalized. Summing up the position, thus, we reiterate the settled legal position that a wrong, having come to our notice, cannot be allowed to be perpetuated. The shareholders / bondholders, who were never heard or impleaded as a necessary or even as a proper party in proceedings before the SEBI at the first instance, cannot be allowed to be implanted as interveners by this Appellate Tribunal in the ordinary course. - Applications disposed of. No observation is made on the merit of the respective contentions of the parties.
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