ORDER UNDER SCHEDULE III (B) (4) OF SECURITIES AND EXCHANGE BOARD OF INDIA (DELISTING OF SECURITIES) GUIDELINES, 2003 IN THE MATTER OF APPEAL FILED BY NEW ERA ALKALOIDS AND EXPORT LIMITED.
1. New Era Alkaloids and Export Limited (hereinafter referred to as ‘the company’) filed an appeal with Securities and Exchange Board of India (hereinafter referred to as SEBI) against the letter dated April 30, 2004 issued by the Stock Exchange, Mumbai (hereinafter referred to as the Exchange), whereby the Exchange had compulsorily delisted the securities of the company with effect from April 20, 2004.
2. The company inter alia stated that the decision of the Exchange was unlawful and opposed to the rules of natural justice inasmuch as the securities of the company were delisted without affording an opportunity of hearing to it. The Exchange has submitted its reply inter alia stating that sufficient opportunities were given to the company before delisting its securities. However, the company had not availed the same.
3. On October 11, 2005, Shri S.K. Batra, Company Secretary, the authorised representative of the company and Shri P. S. Reddy, authorised representative of the Exchange appeared before me. The learned representatives of the opposite parties while reiterating their contentions agreed that in the interest of justice, the Delisting Committee of the Exchange shall give an opportunity of hearing to the company to submit its case through its authorised representative in terms of the requirements of the Exchange and shall consider the case on merits and pass appropriate order. In my view, this course of action would meet the ends of justice as sought by the company. In view of this the appeal of the company is disposed off. The parties may act accordingly.
MADHUKAR
Whole Time Member
Securities and Exchange Board of India
Place: Mumbai
Date: October 17, 2005.