TMI Blog2019 (2) TMI 1685X X X X Extracts X X X X X X X X Extracts X X X X ..... Company to buy-back the shares. The contention of the learned counsel for the appellant is patently misconceived as we find that SEBI issued a circular dated July 25, 2017 permitting the Company to buyback the shares so as to provide an exit to the public shareholders. In view of the said circular we do not find any illegality being made in the buy-back of the shares by the Company. In any case, we do not find any reason to disturb the arrangement made two years ago at this belated stage. In the light of the aforesaid, we do not see any illegality in the order dated July 2, 2018 removing respondent no. 3 Company from the Dissemination Board. - Misc. Application No. 91 of 2019 And Appeal No. 73 of 2019 - - - Dated:- 28-2-2019 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Madras Stock Exchange. The said Stock Exchange surrendered its recognition due to non-fulfillment of the criteria stipulated by Securities and Exchange Board of India ( SEBI for short). As a result, the Company s share was placed in the Dissemination Board of the NSE with effect from December 1, 2014. A circular in this regard was issued by the Company dated December 2, 2014 to its shareholders intimating that they can avail the limited facility of buying and selling their shares on the Dissemination Board of the NSE. 5. SEBI issued a circular dated May 30, 2012 issuing guidelines for exit of De-recognized / Non-operational Stock Exchanges. Subsequently, SEBI issued a circular dated May 22, 2014 directing the Stock Exchanges to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ar dated April 17, 2015 and October 10, 2016 issued by SEBI only permitted the promoters to buyback the shares and did not allow the Company to buy-back the shares. It was contended that the said exercise made by respondent no. 3 Company was wholly illegal in gross violation of SEBI circulars and therefore the same should be set aside and a direction should be issued directing NSE to bring back the respondent no. 3 Company on the Dissemination Board. 7. The contention of the learned counsel for the appellant is patently misconceived as we find that SEBI issued a circular dated July 25, 2017 permitting the Company to buyback the shares so as to provide an exit to the public shareholders. In view of the said circular we do not find ..... X X X X Extracts X X X X X X X X Extracts X X X X
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