TMI Blog2022 (9) TMI 1426X X X X Extracts X X X X X X X X Extracts X X X X ..... f. The voting results of the said meeting had been placed in the sealed envelope pursuant to order dated 10th May, 2022. The contention of the Mr. Mustafa Doctor that the voting has not taken placed in accordance with said SEBI s circular can be considered on the opening of the sealed envelope containing the voting results. The order of the Supreme Court dated 30th August, 2022 holds that the SEBI s circular has retroactive application and voting would have to be as per the ISIN wise voting. The sealed envelope containing the voting results of the meeting held on 13th May, 2022 shall be opened and made available to the Advocates for the parties in order to assist the Court as to whether the requisite majority as required in accordance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The holding of the meeting was pursuant to the orders of this Court dated 31 st March, 2022 and 6th April, 2022 in Interim Application No.27571 of 2021. The results of the meeting were directed to be kept in sealed envelope pursuant to order dated 10th May, 2022 read with order dated 12th May, 2022 passed by this Court in Interim Application (L) No.13162 of 2022 (SEBI s intervention Application). 3. The Applicant has stated in the Interim Application that the Application is filed without prejudice to the rights of the Applicant to contend the non-applicability of the circular dated 13 th October, 2020 issued by the Security and Exchange Board of India ( SEBI ). This statement of the Applicant can no longer be accepted in view of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cerned counsel appearing for the parties so that the counsel can assist the Court on whether the requisite majority as required by the circular of SEBI dated 13 th October, 2020 has been achieved during the course of the meeting. This order was made without prejudice to the rights and contentions of the parties in the present proceedings. He has submitted that a similar order may be passed in the present Interim Application. 6. Having considered the submissions, in my view there is merit in the submission of the Mr. Sharan Jagtiani, particularly considering the order dated 10th August, 2022 of the Supreme Court. The meeting of the debenture holders was convened by Respondent No.2 on 13th May, 2022. Pursuant to orders of this Court dated ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
