9911796707
TMI Blog2017 (11) TMI 2008X X X X Extracts X X X X X X X X Extracts X X X X ..... nt No. Ms. Amrita Joshi, Advocate i/b The Law Point for Respondent No. Ms. Charmi Chhadva, Advocate i/b Manilal Kher Ambala & Co. 1. This appeal is filed basically to challenge two circulars issued by the Securities and Exchange Board of India ("SEBI" for short) on May 22, 2014 and on April 17, 2015 respectively. Apart from the above, the appellant seeks an order directing SEBI to ensure that the companies listed exclusively on regional stock exchanges get listed either on the Bombay Stock Exchange or on the National Stock Exchange automatically. 2. Appellant is an investor and has been investing in various companies listed on various stock exchanges in the country including several regional stock exchanges which are now de-recognized. B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Delisting Regulations as 'circulars' cannot be a ground to deny the appellant his right to file an appeal against the said circulars which are in fact orders passed under the Delisting Regulations. 5. In our opinion, the argument advanced on behalf of the appellant is wholly misconceived. 6. Impugned circulars issued by SEBI contain administrative directions given by SEBI to the stock exchanges in relation to all companies which are exclusively listed on de-recognized / non-operational stock exchanges. Since the directions contained in the said circulars are not restricted to any particular company but are generally applicable to all the companies exclusively listed on de-recognized/ non-operational stock exchanges, it is abundantly c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ghts and obligations of the companies specified therein could not be said to be an administrative circular but would fall in the category of a quasi judicial order and hence appealable before this Tribunal. In the present case, the impugned circulars are the general circulars issued to the stock exchanges in relation to all the companies exclusively listed on de-recognized/ non-operational stock exchanges and the said circulars do not in any prejudicially affect the rights of any particular company whose shares are exclusively listed on de-recognized/ non-operational stock exchanges. Thus, reliance placed by the appellant on the decision of this Tribunal in case of J. Kumar Infraprojects Ltd. (Supra) is totally misplaced. 9. Argument of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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