Madhav Marbles & Granites Ltd vs National Stock Exchange Of India Ltd And Others

Tarun Agarwala, Presiding Officer

We have heard the learned counsel for the parties. By an order dated May 17, 2021 National Stock Exchange of India Ltd. (hereinafter referred to as ‘NSE’) imposed a penalty for non-compliance of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as ‘LODR Regulations’). Similar order was passed by Bombay Stock Exchange Ltd. (hereinafter referred to as ‘BSE’).

The appellant preferred a review which was rejected by NSE by an order dated May 18, 2023. After hearing the learned counsel for the parties, we are of the opinion that the matter is squarely covered by a decision of this Tribunal in Century Enka Ltd. vs. SEBI and Ors. in Appeal No. 624 of 2021 decided on March 25, 2022.

In view of the aforesaid, the impugned order passed by NSE for non-compliance of Regulations 18 and 20 of the LODR Regulations cannot be sustained and is quashed. The appeal is allowed.

We find that there is no order on the review application by BSE. The learned counsel for the respondent BSE states that no review application was filed. This fact was disputed by the learned counsel for the appellant. We, however, find that no such application has been brought on record, therefore, no relief can be granted at this stage. We dispose of the appeal in so far as BSE is concerned permitting the appellant to file a review application.