Sep 22, 2004
|
Orders :
Orders of SAT
BEFORE THE SECURITIES APPELLATE TRIBUNAL, MUMBAI
Appeal No.8/03
|
Date of Hearing
|
|
22.9.04
|
|
|
Date of Decision
|
|
22.9.04
|
|
In the matter of:
Appellant : Palco Metals Ltd., Ahmedabad
Respondents:(1) The Stock Exchange, Ahmedabad
(2) Securities and Exchange Board of India
Appellant by : Shri Pankaj K. Shah, Company Secretary
Respondents by : Ms. D.N. Rawal, Advocate (Resp. 1)
Shri Subhash Shah, Advocate (Resp. 2)
Coram:
Justice Shri Kumar Rajaratnam, Presiding Officer
Dr. B. Samal, Member
N.L. Lakhanpal, Member
Per: Justice Kumar Rajaratnam, Presiding Officer
The appeal is taken up with the consent of parties.
2. It is settled law that SEBI does not advise Stock Exchanges as to whether a scrip could be listed or not but, that is the job of the Stock Exchange. However, it can give its opinion with regard to any violation of Regulation, if pointed out. In that view of the matter, the learned counsel for the respondent seeks leave of the court to withdraw the impugned order with liberty to pass an appropriate order, if necessary, in accordance with law.
3. The appeal is disposed of accordingly.
4. No order as to costs.
(Pronounced in Court)
Justice Kumar Rajaratnam
Presiding Officer
N.L. Lakhanpal Dr. B. Samal
Member Member
Place: Mumbai
Date: 22nd September 2004