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2019 (11) TMI 1051 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHICIRP - Approval of Resolution plan - exemption from delisting of shares - HELD THAT:- In the present appeal, the Appellant raised only one issue with regard to the exemption from delisting of shares on the ground that it was permitted by the ‘Securities and Exchange Board of India’ (SEBI) on 31st May, 2018. According to the Appellant it has been overlooked by the Adjudicating Authority and no specific order has been passed - ‘Securities and Exchange Board of India’ (SEBI) – 3rd Respondent was noticed and on appearance it has filed an affidavit. Referring to the said Affidavit, the learned counsel for the Appellant submits that there is no requirement for permission of SEBI which stands dispensed with as per regulations mentioned therein. In view of the specific plea taken by the ‘SEBI’ - 3rd Respondent, no further clarification is required. The ‘Resolution Applicant’ will act in accordance with the stand taken by the ‘SEBI’ and in accordance with law, if not yet taken - the order dated 26th July, 2019 passed by the Adjudicating Authority (Ahmedabad Bench) stands clarified/modified. Appeal disposed off.
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