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2018 (8) TMI 641 - AT - Companies LawViolation of provision of SEBI - listed company has violated Clause 36 of the Listing Agreement by failing to disclose that it has acquired indirect control over another listed company through a Trust established exclusively for its benefit - whether SEBI is justified in disposing of that complaint by merely recording that the Trust is not a subsidiary of the listed company and hence no disclosures were required to be made under Clause 36 of the Listing Agreement, is the basic question raised in this appeal. Held that:- Admittedly, on reconsideration of the issue SEBI has not passed any quasi judicial order but only submitted a report to this Tribunal in the form of an affidavit. In these circumstances, while setting aside the impugned decision dated 9/1/2017, we direct SEBI to decide afresh the question as to whether on execution of ZOCD Agreement dated 27/2/2012 RIL acquired indirect control over NW18 through IMT and failed to disclose the same in violation of Clause 36 of the Listing Agreement. We make it clear that our prima facie view that by subscribing to the ZOCDs under the ZOCD Agreement dated 27/2/2012 RIL acquired indirect control over NW18 through IMT is not binding on SEBI and SEBI is directed to reconsider the issue independently without being influenced by the prima facie observations made by this Tribunal in that behalf.
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