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2022 (5) TMI 752 - NATIONAL COMPANY LAW TRIBUNAL , AHMEDABAD BENCHSeeking rectification of order - delisted company (process of de-listing shall be completed by the Monitoring Committee in accordance with the the Resolution Plan) - typographical error - it is alleged that this Adjudicating Authority vide order dated 14.10.2021, inadvertently, directed the Resolution Applicant to maintain the public shareholding at a minimum 5% which is applicable on the listing company - HELD THAT:- It is noted that this Adjudicating Authority vide its order dated 14.10.2021 [at para-10(10)(X)] has already given a direction for extinguishment of the share capital of the Corporate Debtor without any payment (including any cancelled value of the said equity shares or preference shares). However, this Adjudicating Authority, given a direction to the Resolution Applicant to maintain the public shareholding at minimum 5% which is not applicable as against the Corporate Debtor. As it has been proposed in the Resolution Plan (at para 4.6.1) for de-listing of the securities from NSE and BSE as per applicable Regulations and directions of this Adjudicating Authority after the approval of the Resolution Plan. The same has already been complied with by the Monitoring Committee and the NSE and BSE have delisted the securities of the Corporate Debtor. Hence, the direction with respect to maintain the minimum 5% public shareholding is merely a typographical error and it will not affect the object or any implications of the Resolution Plan. Necessary rectification is to be carried out - application allowed.
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