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2023 (4) TMI 720 - DELHI HIGH COURTPetition to remove the name of the petitioners from the "Promoter Group" of Lumax Automotive Systems Limited and reclassify the petitioners as "public group category” - Regulation 24 of Delisting Regulations, 2009 Application - According to respondent No.3-Bombay Stock Exchange (BSE), the Fair Value along with the names of the promoters, as available on the BSE’s records, was included in the Final Public Notice issued by the BSE - respondent No.3 that subsequently, the office of the Official Liquidator, New Delhi in terms of communication dated 24.01.2019, informed respondent No.3 that the petitioner-company was already wound up - HELD THAT:- As seen that the main reason for issuance of the impugned notices is the application of Regulation 24 of Delisting Regulations, 2009 which admittedly did not have any application, therefore, this court finds it appropriate to set aside the impugned notices, as the same are based on wrong presumptions. Accordingly, the impugned notices qua the petitioners are set aside.The parties are at liberty to take appropriate recourse in accordance with the law, if so advised. If the respondent feels that notwithstanding the non-applicability of Regulation 24 of Delisting Regulations, 2009, they are still empowered to take any further action, the same can be done as per law.
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