Through: Mr. Akshay Makhija, with Mr. Rohitendra Deb, Ms. Sanjugeeta Moktan, Advs. for R-1.
Mr. Gourab Banerji, Sr. Adv. with Mr. Neeraj Malhotra, Mr. Virat K.
Anand, Mr. V.S.A. Naseeb, Mr. Printhu Garg and Mr. Vyan Shah, Advs. for R-2.
CORAM:-
HON'BLE THE CHIEF JUSTICE HON'BLE MR. JUSTICE RAJIV SAHAI ENDLAW RAJIV SAHAI ENDLAW, J
1. This petition filed as a Public Interest Litigation (PIL) seeks a direction to the respondent no.2 Securities & Exchanges Board of India (SEBI) (i) to implement the Delisting Regulations, as enunciated in the Circular dated 29th December, 2008, in true letter and spirit and in a time bound manner, with respect to all the Regional Stock Exchanges (RSEs) including those which have been derecognized; (ii) to restore the W.P.(C) No.4251/2015 Page 1 of 4 fundamental rights of the shareholders of 5152 companies which were exclusively listed at RSEs which have been derecognized; (iii) to direct all RSEs, including the derecognized stock exchanges, to issue orders of delisting individually for all 5152 companies exclusively listed on those RSEs and who have failed to get themselves listed at Nationwide stock exchanges, either on Bombay Stock Exchange (BSE) or National Stock Exchange (NSE); and, (iv) to frame a proper mechanism to compensate shareholders of companies listed on RSEs who have suffered huge loss due to derecognition of various RSEs. Axiomatically, the petition also impugns the Circulars dated 30th May, 2012 and 22nd May, 2014 of the respondent no.2 SEBI with respect to the Exit Policy for derecognized stock exchanges and companies exclusively listed therewith.